Snapchat is working on an initial public offering that could value it at $25 billion or more, according to the Wall Street Journal, citing sources.
Snapchat's parent company Snap's IPO could take place as early as late March, the report said.
A Snapchat spokesman declined to comment, saying the company does not discuss rumors or speculation about its financing.
The report said there is no guarantee the virtual messaging company, known for users sending disappearing messages on their smartphones, will go through with a share sale on that time frame or what the valuation may be. In May, Snap was valued at $17.8 billion in its last funding round.
This year, Snapchat is expected to generate about $367 million in worldwide ad revenue and have 58.6 million users in the U.S., according to eMarketer.