Snap Inc, the parent company of Snapchat, has reportedly filed to launch on the stock market in a move that could value the app at up to $25bn (€23.35bn).
The popular platform, which lets users send photos and short videos which expire within seconds, could go public as soon as March.
If so, it would be the largest IPO (initial public offering) since 2014, when Chinese e-commerce giant Alibaba hit the market valued at $170.9bn.
Reuters reports that Snapchat's filing was made confidentially before Donald Trump's unexpected victory in the US presidential election.
Under US laws, companies with less than $1bn (£800m) in revenue are able to secretly file for an IPO – enabling them to quietly test appetite from investors while keeping their financial information under wraps.
A spokesman for Snap Inc declined to comment on the rumours.
Snapchat, as well as the likes of Airbnb and Uber, are referred to as "decacorns" – venture-backed companies which are worth tens of billions of dollars.
No "decacorn" has gone public yet, and all eyes would be on Snapchat to see whether it can surpass or even replicate its astronomic valuations.
Estimates from research company eMarketer suggest Snapchat is going to generate close to $1bn (£800m) in advertising revenue next year.
However, some investors have expressed concern that advertising is the platform's only revenue source.
The California-based company has more than 100 million active users, and roughly 60% of them are aged between 13 and 24 – making the app an attractive way for advertisers to reach millennials with money to spend.
Earlier this month, Snapchat launched video-camera sunglasses which can connect to a smartphone and take "snaps" wirelessly – a sign it is trying to diversify.
Additional reporting: IRN
