CNBC has reported that Snapchat is in the works of raising $650 million in equity, valuing the company at $16 billion.
Snapchat – which has become infamous for turning a $3 billion cash acquisition offer from Facebook – announced earlier this week at Re/code's Code Conference that it plans to eventually go public. According to Business Insider, Snapchat CEO Evan Spiegel talked briefly about the company's need to IPO and how they have a plan in place to get that done.
Back in March of this year, the company raised a Series E round worth $200 million, and brought in new investor Alibaba. Snapchat has raised $848 million overall since its founding in 2011.