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Snap to choose NYSE for IPO: Sources

Snap Inc. is expected to choose the New York Stock Exchange for its initial public offering, sources told CNBC.

Recode reported Friday that the company could publicly file for its IPO later this week. The company could go public as early as March, if the current timeline holds.

Snap co-founder Evan Spiegel rejected a $3 billion offer from Facebook in 2013, a move deemed risky considering his start-up wasn't generating revenue at the time. But word on the Street is that Snap's imminent IPO may value the business at $25 billion or more.

Snap's highly anticipated IPO comes as issuers hope for a better market in 2017. The social media powerhouse's IPO is set to be the first from a major technology company in 2017. AppDynamics originally held that title, but the software developer was acquired by Cisco a day before its scheduled IPO.

— Reporting by CNBC's Bob Pisani. Written by Christine Wang. Ari Levy contributed to this report.