Snapchat has projected it could earn $1 billion in revenue in 2017. However, this depends on other factors such as market volatility, the outcome of the U.S. presidential election, and how well the Chinese economy performs.
Snap could jostle the tech IPO market out of its slumber next year.
Another source said Snap is expected to choose bankers by December.
A Snapchat spokeswoman declined to comment.
Ironically, Snap arguably would be the highest-profile tech IPO since Twitter made its disastrous debut three years ago, which sent its value up to $24 billion. That's quite a bit more than its last valuation of around $18 billion.
Reports on Snap Inc's IPO come at a time when shares of technology companies such as Square Inc and Box Inc that went public over the last two years are trading below their private market valuation.
Sri Lanka to build 100 Mbpd refinery with India
Objectives for regional peace and security and maritime safety in the Indian Ocean are inter-dependent and synergistic, he said. Stating that most of the issues are between Pakistan, Afghanistan and India, he said: "Let's hope things are resolved".
CEO Evan Spiegel hasn't been shy about IPO plans in the past.
That compares with revenue of just US$60 million past year.
If Snapchat goes public in March, it would be the biggest company to go public on a US exchange since 2014. Imran Khan, the chief strategy officer, is in the team of preparing the paperwork for IPO.
Snapchat is an ad-driven social messaging app founded in 2012 with venture capital. Although both valuations are an insane amount of money, Snapchat's unofficial value indicates it has a greater potential to make money and establish a stronger user base. Spiegel isn't banking on the glasses becoming a significant revenue stream for the company - at least at this stage. That device is expected to go on sale soon.
It recently announced a new product called Spectacles, which are sunglasses that feature a video camera and can connect to the Snapchat app.
As part of Snap's evolution, it's become an increasing threat to Facebook and Instagram in terms of both attracting younger users and chasing ad dollars. Snapchat has approximately 60 million daily active users in the us and Canada, making it more popular than Twitter.