Snap
NYSE: SNAPSanta Monica, US · Founded 2011 · Incorporated in Delaware · Public · 35 known investors
Snapchat is a mobile app for communicating with friends and family through photos and videos, featuring augmented-reality Lenses, creative sharing tools, and a personalized map for discovering places and content. It is a consumer social and media platform operated by Snap Inc.
Founders & leadership
Snap was founded in 2011 by Evan Spiegel, Bobby Murphy, and Reggie Brown.
Board
Investors · 35
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Also in the syndicate · 6
Reported raises · per SEC filings
Form D private placements$2.3B disclosed across 3 of 10 rounds · 2012–2016
▶$1.8BraisedMay 2016 · 157 investors · Other TechnologyRule 506(b)
- Joanna ColesDirector
- Stanley MeresmanDirector
- Michael LyntonDirector
- Mitch LaskyDirector
- Chris HandmanExecutive Officer
- Andrew VolleroExecutive Officer
- Robert MurphyExecutive Officer, Director
- Imran KhanExecutive Officer
- Evan SpiegelExecutive Officer, Director
- Offering amount
- $1.8B
- Amount sold
- $1.8B
- First sale
- Feb 2015
- Incorporated
- Corporation, Delaware, 2012
- Federal exemptions
- 06b
▶$485.6MraisedDec 2014 · 23 investors · Other TechnologyRule 506(b)
- Robert MurphyExecutive Officer, Director
- Chris HandmanExecutive Officer
- Michael LyntonDirector
- Mitch LaskyDirector
- Emily WhiteExecutive Officer
- Evan SpiegelExecutive Officer, Director
- Offering amount
- $485.6M
- Amount sold
- $485.6M
- First sale
- Apr 2014
- Incorporated
- Corporation, Delaware, 2012
- Federal exemptions
- 06b
▶$54.5MraisedFeb 2014 · 5 investors · Other TechnologyRule 506(b)
- Michael LyntonDirector
- Tim SehnExecutive Officer
- Mitch LaskyDirector
- Evan T SpiegelExecutive Officer, Director
- Emily WhiteExecutive Officer
- Robert C MurphyExecutive Officer, Director
- Offering amount
- $54.5M
- Amount sold
- $54.5M
- First sale
- Nov 2013
- Incorporated
- Corporation, Delaware, 2012
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Stanford students Evan Spiegel, Bobby Murphy and Reggie Brown originated an ephemeral photo-sharing app in 2011, first called Picaboo and then Snapchat. Brown was removed early and later settled a founder-ownership lawsuit; Snap publicly acknowledges all three as founders, while Spiegel remains CEO and Murphy CTO. The company renamed itself Snap Inc. in 2016 and completed a non-voting-share IPO on the NYSE in March 2017. Snapchat combines camera creation, private messaging, Stories, Spotlight, Map and AR Lenses; revenue is still predominantly advertising, with Snapchat+ subscriptions and other revenue growing. Snap has spent more than a decade and roughly $3b on AR, assembling optics, display and lens-creation capabilities through acquisitions including Looksery, Bitstrips/Bitmoji, Zenly, Placed, Fit Analytics and WaveOptics. It launched consumer Specs preorders in 2026 while continuing its mobile platform. FY2025 revenue was $5.9b, net loss roughly $460m and year-end headcount 5,261; Q2 2026 reached 493m DAU and $1.599b quarterly revenue but included a 16% restructuring. Founders control almost all voting power through Class C shares, an unusually strong governance structure. Growth is strongest outside North America/Europe, but monetization there is lower. Core risks include dependence on mobile operating-system privacy/policy changes, intense competition from Meta/TikTok/YouTube, brand-safety and youth-regulation exposure, continuing GAAP losses, high stock compensation and expensive AR commercialization.
Founding story
Brown proposed disappearing photo messages; Spiegel shaped the product/business and Murphy built the initial iOS technology. The Stanford project launched as Picaboo in July 2011 and relaunched as Snapchat that September.
Business model
Global consumer camera/social network monetized with performance and brand advertising, subscriptions, virtual goods and emerging AR hardware/developer ecosystem revenue.
Auction and direct-sold ads across Stories/Spotlight/Chat/Map, Sponsored Lenses/AR formats, Snapchat+ subscriptions, and Specs/hardware/developer revenue. Advertising remains the large majority.
Traction
Q2 2026: 493m DAU and $1.599b quarterly revenue. FY2025: $5.9b revenue, 474m Q4 DAU, Q4 ARPU $3.62, about $460m net loss and 5,261 year-end employees. Q3 2025 also disclosed 943m MAU.
Latest developments
Snap reported 493m Q2 2026 DAU and 19% revenue growth, announced a 16% headcount reduction, and moved from developer Spectacles to $2,195 consumer Specs preorders/shipments planned for fall 2026.
▸Full profile — market position, technology, go-to-market, geography, history, ownership, risks & controversies
Market position
Scaled global social platform below Meta/YouTube/TikTok in reach and ad revenue, but particularly strong with younger users and consumer AR engagement.
Camera-first private communication and close-friend graph, daily creation habit, vertically integrated AR authoring/distribution stack and founder-controlled long-term investment horizon.
Technology
Mobile camera/messaging graph, recommendation and ad-ranking ML, computer vision and generative AI Lenses, Lens Studio, Map/location stack, privacy/safety tooling, Snap OS and custom optical display/waveguide hardware.
Go-to-market
Viral friend graph and camera use, app stores, creator/content partnerships, direct and self-serve ad sales, carrier/OEM bundles, and Lens Studio/Snap AR developer ecosystem.
Consumers—especially teens and young adults—advertisers, creators, AR developers and brands using camera commerce.
Daily Snapchatters; small and large advertisers; creators/publishers; AR lens developers; Specs users.
Geography
Worldwide except restricted markets; reporting regions are North America, Europe and Rest of World. Headquarters in Santa Monica with distributed offices and engineering.
History
2011 launch; Lightspeed seed 2012 and Benchmark A 2013; Stories/advertising and multiple late rounds; renamed Snap and introduced Spectacles in 2016; $3.4b IPO in March 2017; expanded Discover/Spotlight/Map and AR; launched Snapchat+ 2022; multiple restructurings; consumer Specs debut in 2026.
Ownership
Public Class A shares trade on NYSE; Class A has no votes, Class B one vote and founder-held Class C ten votes. Evan Spiegel and Bobby Murphy together retain overwhelming voting control; institutions hold economically significant Class A stakes.
Risks & controversies
Founder-controlled non-voting public shares; dependence on Apple/Google distribution and signal loss; youth safety/privacy and content moderation; advertiser cyclicality; international users monetize below US users; repeated restructurings; AR hardware execution/capital intensity; sustained cumulative GAAP losses and dilution.
Compiled by commissioned research from 12 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 5
launches, deals, and filings$124.4M
$100M
$150M
Misrepresentations about disappearance of messages, data collection and security practices.
U.S. Federal Trade Commission · 20-year consent order requiring privacy program and independent assessments; no civil penalty announced. source ↗
Reggie Brown claimed co-founder status and ownership after removal from the company.
$157.5M · Los Angeles County Superior Court · $157.5m settlement; Snap publicly acknowledged Brown's role in creation. source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities · 3
corporate structureIn the news
▸Research sources · 12
primary sources listed
- Snap Q2 2026 resultsSnap · company earnings release
- Snap 2025 Form 10-KSEC / Snap · regulatory filing
- Snap Q3 2025 resultsSnap · company earnings release
- Snap to launch SpecsSnap · company press release
- Snap 2022 Form 10-KSEC / Snap · regulatory filing
- Snap prices IPOSnap · company press release
- Snap Form S-1SEC / Snap · regulatory filing
- Statement on Reggie Brown settlementSnap · company statement
- Snapchat settles FTC chargesFederal Trade Commission · regulator release
- Lightspeed portfolio: SnapLightspeed Venture Partners · investor portfolio
12 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Snap do?
- NYSE-listed camera and social-technology company behind Snapchat, an advertising/subscription platform used by nearly half a billion people daily, plus augmented-reality developer tools and Specs glasses.
- Who founded Snap?
- Snap was founded by Evan Spiegel, Bobby Murphy, Reggie Brown in 2011.
- Who are Snap's investors?
- Snap's investors include A-Rod Corp, Alibaba Group, Coatue Management, Entrée Capital, Fidelity Investments, General Atlantic, General Catalyst, Geodesic Capital and 21 more.
- How much funding has Snap raised?
- Snap has disclosed $2.3B raised across 3 of its 10 known rounds.
- Is Snap publicly traded?
- Yes — Snap trades on NYSE under the ticker SNAP.
- Where is Snap headquartered?
- Snap is headquartered in Santa Monica, US.