Snapchat files for a $3 billion IPO

Five years after the launch of Snapchat, Snap is planning to go public. The company filed for an initial public offering on the New York Stock Exchange today, picking the ticker symbol “SNAP.” The company hopes to raise $3 billion and says it has 158 million daily active users. The IPO would reportedly value the company above $20 billion.

Snapchat lost $372.9 million in 2015 and $514.6 million this past year, more than its total revenue.