Pretty much ever since the app launched, Snapchat was known as Snapchat, but last year the company decided to rebrand itself where the app would continue to be known as Snapchat, but the company would be known as Snap. This seemed to indicate grander plans than just being a one-app kind of company.

It has also been said for a while that Snap was planning on filing for an IPO, and sure enough they have. Snap has officially filed for their IPO and they are hoping to raise as much as $3 billion, with the company boasting that they have as many as 158 million daily active users. The IPO said to ultimately value the company above the $20 billion mark.

It is an interesting time for the company to be filing an IPO, especially since Facebook seems to be actively “stealing” features from its Snapchat app. A good example would be Instagram’s Stories which is more or less a copy of Snapchat’s Stories, but despite it being a copy it turns out that it has been pretty well-received by Instagram users as well.

So much so that even Facebook is testing out a similar feature. Perhaps Snap will be able to weather the storm on this front and that things could change in the future, especially when you consider that the company is looking to further advance its use of augmented reality tech.

Filed in Cellphones >General. Read more about and .