Snapchat is poised to join a storied circle of startups including Airbnb, Dropbox and Uber that boast billion dollar valuations in the double digits.
The ephemeral messaging app is in talks with investors -- notably among them Chinese Internet titan Alibaba -- for a new funding round that could value the company at $10 billion, Bloomberg reports.
Dropbox and Airbnb are both valued at $10 billion as well, while Uber shattered records for a valuation from a direct funding round in June totaling $1.2 billion, which rocketed the car-sharing company’s value to $18.2 billion.
Snapchat, which said its rapidly growing user base sends more than 700 million fleeting messages every day, added new disappearing text messaging and video conversation capabilities in May.
Despite a legal clash with the Federal Trade Commission -- which ruled that Snapchat messages did not “disappear forever” as advertised, and that it had clandestinely collected user data -- Snapchat has been a hot-button property in the scorching mobile messaging space.
Alibaba, for its part, has been known to invest in messaging apps before. It led a round in March for the free messaging platform Tango with a $215 million tender. The company, which is expected to have one of the largest U.S.-based IPOs of all time, also tendered $250 million in the latest financing round for car-sharing service, Lyft.