Spiegel and Khan will emphasize that users love the product and spend lots of time in it, rather than focusing on the number of users. This argument could be used to counter the fact that the company's user growth started to slow down in the last half of 2016, according to its IPO filing.
This slowdown in user growth could create a challenge for the company, VC Chamath Palihapitya told CNBC on Wednesday, as Snap will have to rapidly increase the amount of money it makes per user in order to keep growing its revenue at a rate that justifies its valuation and become profitable. The company's revenue grew almost sevenfold between 2015 and 2016, to $404 million, but it lost $520 million last year.
Snap sees its IPO pricing at between $14 and $16 per share, according to a regulatory filing released Thursday, which would value the company at between $19.5 billion to $22.2 billion. However, that price could change depending on perceived demand from investors.
— Reporting by CNBC's Leslie Picker and Sally Shin