snapchat logo in 2016

     

Frank May/picture-alliance/dpa/AP Images

Snap Inc. is preparing for an initial public offering at a valuation of $25 billion or higher, according to a report Thursday in The Wall Street Journal

The company, which recently rebranded from Snapchat to Snap with the launch of its new Spectacles glasses, is said to be preparing for an IPO with an eye toward making a public debut in late March. There has been speculation for some time that Snap was nearing an IPO, but details about a valuation and a timeline indicate that the company is making progress toward an exit. WSJ notes, however, that the company could decide not to proceed with an IPO or alter its timeline at any point. 

A $25 billion IPO would value Snap several billion above the approximately $18 billion valuation it was given when it raised more funding last spring. 

The move comes as CEO Evan Spiegel has made strides to grow his business, diversifying into physical goods with the Spectacles, which record 10 seconds of video that can then be posted to Snapchat. The company also recently unveiled a new advertising platform that would automate the selling of its ad inventory through third parties, a move seen as a catalyst for a growth in ad revenue.

Read more: Snapchat Unveils Smart Sunglasses, Rebrands as Snap Inc.

Snapchat, which has 150 million daily active users, said earlier this year that it would generate revenue between $250 million and $350 million in 2016 and as much as $1 billion by 2017, according to a May report from TechCrunch. 

A Snapchat spokeswoman declined to comment.

This article was originally published by The Hollywood Reporter.