Snap Inc., the company behind Snapchat and Spectacles [1], has officially filed for its initial public offering (IPO) [2].

The documents detailing the IPO include Snap Inc.'s valuation, its daily active users, and how its business is doing. In 2016, the company made $40.5 million; however, it also lost $514.6 million in the same year. Snapchat currently has 158 million daily active users.

The company is seeking to raise $3 billion to amount to a total $25 billion valuation. It will start trading in March, under the ticker SNAP.