Is Snapchat Worth $20B?

Snapchat is raising another major funding round, and according to reports, it’s at a $20 billion valuation.

At least, that’s according to a TechCrunch report, citing multiple anonymous sources said to be close to the matter. The report indicates that Snapchat is working on a $200 million funding round. This comes after its $175 million Series F round.

Per new filings discovered by TechCrunch, Snapchat is believed to have been valued at $16 billion in that previous round. Now, the recent filings show that the Series F round was opened back up.

“They get offers all the time,” one investor close to the company told TechCrunch. “And once you start to grow on this path, many people come to give you money. You don’t know how to value the company, so the best way to do that is to do some kind of rolling funding. When you have a hot company and many people are approaching you, you do a market of discovery.”