IT'S OFFICIAL: Snap just filed for its IPO

It's official: The company behind Snapchat and Spectacles goes public. Snap is expected to go public at a valuation north of $25 billion in early March, making it not only the first tech IPO of the year but also one of the largest in a while. The company hopes to raise $3 billion and says it has 158 million daily active users. The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015.