It intends to raise $3 billion through this offering and expects to list its shares on the New York Stock Exchange under the symbol "SNAP" in March this year.
Snapchat, err Snap Inc., just made the papers for its long-awaited initial public offering appear. Interestingly, roughly 58% of their users reside outside of North America.
The investment was announced alongside the company's long-awaited IPO filing set at $3 billion, although this is a placeholder amount and likely to change.
What are the main financials involved? The Jobs Act is a venue for companies with revenue of less than $1 billion to file privately and work out details with the SEC away from the public eye. However with that strong revenue growth its losses have also grown, which may make it a tough sell. In 2016, for example, Snap took in $404 million in revenue but lost $515 million.
Snap's biggest losses stems from "hosting fees" which it pays to cloud computing companies such as Google to use their infrastructure for its data.
Over 60% of the daily active users (DAUs) use the Chat Service every day to send Snaps and talk with friends.
The paperwork revealed that Snapchat has 158 million daily users, with more than 2.5 billion Snaps - short videos or images - created each day.
Global user growth slowed sharply in late 2016, according to the SEC filing.
"For example, Instagram, a subsidiary of Facebook, recently introduced a "stories" feature that largely mimics our Stories feature and may be directly competitive", Snap said in its filing.
Snap's Thursday filing with the Securities and Exchange Commission gave potential investors their first detailed glimpse into the company's finances.
Like Twitter, Snap is facing the same problem of losing out on users and failing to tap new users. While it has attempted to reduce that reliance, other revenue streams - such as the product launch of spectacles - are yet to gain any significant traction.
The company is also well-known for rebuffing a takeover offer from Facebook, remaining one of the few highly-used social media apps not under the Facebook umbrella. Back in 2012, Facebook was seeking a valuation of $5 billion. Facebook Inc. generated $26.885 billion in advertising revenue previous year.