Snapchat has filed for an initial public offering, according to sources cited in a report from Reuters.
The report states that Snapchat could go public as soon as March at a valuation of up to $25 billion. If true, it would be the largest IPO in two years and the largest technology IPO in North America since Facebook in 2012.
The Silicon Valley company was able to file an IPO in secret because its revenue is less than $1 billion. Snapchat, which was founded in 2012, last raised capital in May: $1.8 billion at a valuation of $20 billion.
This year, just 123 US tech companies have gone public, raising only $7 billion—a 20% reduction in IPOs and a 58% drop in capital raised.
Snapchat has more than 100 million active users, primarily millennials.