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Snapchat aims to raise $4 billion when it IPOs next year

Alex HeathOct 27, 2016, 01:21 IST

Evan Spiegel of Snapchat attends TechCruch Disrupt SF 2013 in San Francisco.Steve Jennings/Getty

Snapchat parent company Snap Inc. is aiming to raise "as much as $4 billion" when it goes public early next year, according to a new report from Bloomberg's Alex Barinka and Sarah Frier.

A source previously told Business Insider that Snap plans to IPO in March at around a $25 billion valuation, but now Bloomberg is saying that number could swell as high as $35 billion.

The company last raised $1.81 billion in private funding in May, which pegged its valuation at between $18 billion and $22 billion.