Snap Inc. is reportedly preparing for a $25 billion initial public offering of its stock this March.

The company, formerly known as Snapchat, has not yet filed for an IPO with the Securities and Exchange Commission, but is working on paperwork to do so, according to unnamed sources cited by the Wall Street Journal. The Venice-based startup was valued at $17.8 billion by private investors during a fundraising round in May.

Because the company is still in the early stages of preparing for its stock offering, there is no guarantee of exactly when the startup will issue shares and at what valuation.

The company reportedly told investors earlier this year that it projected revenue of between $250 million and $350 million in 2016 and as much as $1 billion in 2017. Snap has raised about $2.4 billion from private investors since its founding in 2011.