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Evan Spiegel

Evan Spiegel Snapchat (Michael Kovac / Getty)

Snapchat Files $3 Billion IPO, But May Never Be Profitable

Started by two roommates in a Stanford dorm in 2011, Snapchat’s parent, Snap, Inc., filed with the SEC last week for a $3 billion initial public offering (IPO), but admit the company may never make a profit.

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Snapchat IPO Valued at Up to $40 Billion

Bloomberg reported Wednesday that the social media juggernaut Snapchat has filed to go public at the jaw-dropping valuation of up to $40 billion.