Snap will reportedly file publicly for its massive IPO late next week


The fact that Snapchat is going public hasn't been kept a secret. But this filing is more important because it gives retail investors a look into Snapchat's financials and business model. CNBC first reported on Snap's NYSE selection.

As reported by Recode, later this week the company is set to publish the registration document that it filed with the U.S. Securities and Exchange Commission a year ago, containing information on its financials and strategy for operating as a publicly traded company.

Snap is seeking a valuation of $25 billion, according to Recode's sources and previous reports.

The selection comes as Snap prepares to make its earnings public this week ahead of the IPO that is expected in March.

The timing of the IPO might still change, as is typical in public offerings. It will be the first big IPO in quite a while for a leading tech company and is more interesting because it will not be a victory for Silicon Valley.

Snap's main product, Snapchat, has become a sensation with a young demographic with its initial ephemeral messaging product. Dan Primack of Axios laid out a few points to that end, one of them being that Snap boasts extremely high user growth, much higher than what other private tech companies are seeing. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials.