Snapchat OKs sale of 1.6M shares for $54.5M, filing shows

How many billions is the ephemeral-photo service worth? Let the educated guessing continue.

Snapchat's new office in Venice beach is more discrete than its old locale just a few blocks away. Jennifer Van Grove/CNET

Snapchat has authorized the sale of 1.6 million shares as "Series C Preferred Stock" at around $34 a piece, according to a recent filing unearthed by VC Experts and shared with Business Insider.

The Series C allocation suggests that the company is nearing the close of its Series C round of funding and is raising roughly $54.5 million.

This past June, Snapchat raised $60 million at a pre-money valuation of $800 million in its Series B round. The newly surfaced filing now suggests a valuation of $2 billion, according to VC Experts.

That Snapchat is raising funds at a valuation in the billions is no surprise. But $2 billion is a billion or two shy of what the market reportedly is ready to value the 2-year-old company at. Snapchat has been rumored to be raising as much as $200 million at a $3 billion valuation. It's also said to have spurned a $3 billion cash offer from Facebook and a $4 billion buyout by Google.

Perhaps, then, a Series D is soon to follow? Given the rapid pace at which Snapchat has raised money and its worth, nothing is out of the question. Whatever happens, it seems safe to conclude that Snapchat will stick around far longer than the ephemeral photos and videos it discretely passes around.

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Details about Apple's 'spaceship' campus from the drone pilot who flies over it

MyithZ has one of the most popular aerial photography channels on YouTube. With the exception of revealing his identity, he is an open book as he shares with CNET's Brian Tong the drone hardware he uses to capture flyover shots of the construction of Apple's new campus, which looks remarkably like an alien craft.

by Brian Tong