Instagram has been estimated to be worth more than $100 billion if it was a standalone company, according to Bloomberg.
The photo app was purchased by Facebook for $1 billion in 2012 and recently reached a billion users a month.
Instagram has been drawing in new users faster than Facebook's main site and is expected to exceed 2 billion monthly users in the next five years, Bloomberg's analyst said. Instagram is still growing in the US, unlike Facebook.
It could account for 16 percent of Facebook's revenue over the next year, up from 10.6 percent in 2017.
The company announced a bigger push into video last week when it unveiled IGTV, a standalone mobile app focused on programming from creators on the platform.