Snap Aims for Valuation of More Than $20 Billion in I.P.O. - The New York Times

Current market cap snapshots (from Google Finance): TWTR $11.84B, FB $385.61B

"Even at the top of that range, Snap would end up with a valuation on the lower end of the $20 billion to $25 billion mark that it had anticipated months ago. Either way, it is still up from the approximately $16.5 billion the company valued itself late last year.

The final pricing of the new shares — and the company’s valuation — could still change. The share price will be not be set until after Snap embarks on a nearly two-week tour of investors that will take its executives across the country. The company is expected to begin trading around March 2 on the New York Stock Exchange, under the ticker symbol SNAP.

Even if the value were to drop, it would still be one of the biggest technology offerings of the decade. At this stage of the offering process, Twitter was valued at more than $12 billion, including options and restricted stock units, in October 2013. A year earlier, Facebook was valued at $86 billion at a similar stage."

Snap Aims for Valuation of More Than $20 Billion in I.P.O. - The New York Times