Sources tell Bloomberg that Snap Inc. has picked a pair of banks to lead its planned initial public offering next year: Morgan Stanley and Goldman Sachs.

The Wall Street Journal reported last week that Snap Inc., the parent company of Snapchat, could go public as soon as March to the tune of a $25 billion valuation (and possibly higher.) The company was last valued at $17.8 billion.

Also expected to be involved in the IPO are JPMorgan Chase & Co., Deutsche Bank AG, Allen & Co., Barclays Plc and Credit Suisse Group AG, according to Bloomberg.

An eMarketer report last month reported Snap was on track to generate $366.69 million in advertising revenue this year and nearly $1 billion in 2017. The company is reported to have more than 150 million daily active users.

Bloomberg reports Snap Inc.'s IPO would be the largest since Twitter went public in 2013, and the Journal says it would be the first tech IPO in U.S. markets of such a magnitude since Chinese e-commerce company Alibaba went public in the U.S.

The planned IPO will be closely watched in Silicon Valley, where an exclusive cluster of highly-valued venture-backed companies like Uber, Lyft and AIrbnb are staying private longer. Ernst & Young has predicted IPOs in 2017 to return to 2014 levels following a quiet 2016.