Snapchat parent company Snap Inc. has confidentially filed for its rumored IPO, Reuters reported on Tuesday, setting the wheels in motion for the largest tech IPO in several years.

The company filed its paperwork with the Securities and Exchange Commission before the presidential election, according to Dow Jones.

A source previously told Business Insider that Snap planned to IPO by late March at around a $25 billion valuation. Bloomberg later reported that its valuation could swell as high as $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.

Snap has told investors that it expects to make between $250 million and $350 million in advertising revenue this year. A recent eMarketer report predicted the company would near $1 billion in revenue in 2017 -- meaning an IPO that valued the company at $25 billion would be 25 times its projected revenue numbers.

With annual revenue under $1 billion now, Snap is able file its Form S-1 with the SEC confidentially under the JOBS Act.

A Snap spokesperson declined to comment when reached by Business Insider.

This post originally appeared on Business Insider.