Snapchat's parent company, Snap Inc., is aiming to raise "as much as $4 billion" when it goes public early next year, according to a Wednesday report from Bloomberg's Alex Barinka and Sarah Frier.

A source previously told Business Insider that Snap plans to go public by late March at around a $25 billion valuation, but now Bloomberg is saying that number could swell as high as $35 billion or even $40 billion.

Morgan Stanley and Goldman Sachs will lead the deal, while JPMorgan, Deutsche Bank, Allen & Co., Barclays, and Credit Suisse will be joint bookrunners.

The Los Angeles-based company last raised $1.81 billion in private funding in May, which pegged its valuation at between $18 billion and $22 billion.

Raising $4 billion on the public market would put Snap well behind Facebook's $16 billion IPO raise in 2012 and ahead of Twitter's $1.82 billion in 2013.

This story first appeared on Business Insider.

Published on: Oct 27, 2016