Snapchat parent begins IPO process: report

Snapchat parent firm Snap Inc. has filed confidentially for a public share offering valuing the disappearing messaging platform at more than $20 billion, The Wall Street Journal reported Tuesday.

The initial public offering (IPO) would be among the biggest in the tech sector in recent years and shine a light on the fast-growing platform used by more than 100 million people.

It is one of the sector's most prominent "unicorns"—a term used for venture-backed firms with valuations over $1 billion—along with Uber and Airbnb.

According to the Journal, the filing last week was made under regulations that allow the first stages of the process to be kept confidential.

Snapchat declined to comment on reports of the IPO, which would likely be the largest since China's Alibaba hit the market in 2014.

While its finances are not public, the research firm eMarketer has estimated that Snapchat would generate nearly a billion dollars next year from advertising.

Snapchat's messaging has been a hit, especially with young people, but it has been broadening offerings to include content from media partners in the hope of expanding use and money-making opportunities.