NEW YORK: The company behind Snapchat, a teen-oriented social network famous for its quickly disappearing messages, has filed for what could be one of the largest tech IPOs in years.
Snap Inc. said Thursday that it’s seeking up to $3 billion in an initial public offering, a figure that could shift based on investor demand.
The app has millions of users, and Snap has built a thriving ad business on it. But the company has also made a lot of money — nearly $900 million — disappear in the past two years.
SNAP, CRACKLE, POP
The fast-growing social network for the younger set boasts 158 million daily users. It lets people send photos, videos and messages that disappear a few seconds after viewing. It was created in 2012 by Evan Spiegel, who dropped out of Stanford University just three classes shy of graduation to focus on the app.
But rather than die a quick death as a “sexting app,” Snapchat showed a knack for evolving based on user whims and demands, just as Facebook has over the years. This, as both companies have discovered, is key to outlasting social media fads. Snapchat is no longer just about disappearing messages.
Over the years, it has added a “Discover” section where a diverse group of publishers — including People, the Wall Street Journal, CNN, Vice and Food Network — post video-heavy stories aimed at millennials.
Another feature, “Stories,” lets people create a narrative from messages, videos and photos from the past 24 hours. It’s so popular that Facebook’s Instagram now has a version of it, too.
And then there’s goofy “Lenses,” which lets people add animated overlays to photos and videos — animals, for example, or flower crowns and sparkly eyes. The company came under fire a couple of times for adding filters many saw as racist. One had slanted eyes and buck teeth commonly associated with negative Asian caricatures; another, which Snap called a “Bob Marley” filter, darkened people’s skin. Snap later got rid of the offending filters.
BIG MONEY
The highly anticipated IPO is expected to be the one of the largest since Alibaba Group went public in 2014. But Snap is better known than the Chinese e-commerce company, and instead draws comparisons to the IPOs of Facebook and Twitter. Facebook raised $16 billion when it went public in 2012.
According to IPO documents filed on Thursday, Los Angeles-based Snap had revenue of $404.5 million in 2016, up from $58.7 million in 2015. Its net loss was $514.6 million last year, up from $372.9 million the year before.
Facebook, on the other hand, was profitable in 2011, the year before its IPO, with net income of $1 billion. Twitter has never turned a profit.
Snap, maker of the teen social app Snapchat, files for IPO
Snap, maker of the teen social app Snapchat, files for IPO
Saudi Authority for Intellectual Property: Patent applications filed by individuals, national institutions surge in 2025
RIYADH: Saudi Arabia recorded a significant increase in the number of patent applications filed by individuals and national institutions during 2025, reflecting a growing awareness among innovators and national entities of the importance of protecting innovations and maximizing the value of intangible assets.
The Saudi Authority for Intellectual Property explained that patent applications filed by individuals witnessed substantial growth, rising from 2,007 submissions in 2024 to 3,942 in 2025, representing a growth rate of 96 percent. This indicates a broadening base of innovators and entrepreneurs, and a rising awareness of the importance of registering intellectual property rights, according to the Saudi Press Agency.
The authority also indicated that the number of patent applications filed by national institutions increased from 408 in 2024 to 734 in 2025, representing an 80 percent growth. This reflects the increasing interest of national entities in protecting their innovations and transforming them into valuable economic assets.
The entity further noted that this growth contributed to raising the total number of patent applications filed in 2025 to 10,300, compared to 8,029 in 2024. It affirmed its continued efforts to develop the intellectual property system, streamline registration procedures, and support innovation, in line with the objectives of the Kingdom’s Vision 2030.
Saudi Arabia has made notable progress in the 2025 Global Intellectual Property Index, with its score rising by 17.5 percent, placing it among the fastest-improving economies out of the 55 countries evaluated.
According to the 13th edition of the index, published by the US Chamber of Commerce in April, the Kingdom now ranks 40th globally, a reflection of the substantial reforms driven by its Vision 2030 strategy. These reforms aim to enhance intellectual property protection, foster innovation, and support the growth of a knowledge-based economy.
Since 2019, Saudi Arabia’s overall score has increased from 36.6 percent to 53.7 percent in 2025, marking a cumulative improvement of over 40 percent in just six years. This progress stems from a comprehensive transformation of the nation’s IP ecosystem, including the strengthening of legal frameworks and enforcement mechanisms.
These developments highlight Saudi Arabia’s growing institutional capacity and ongoing regulatory modernization, led by the SAIP.
