Image: Snapchat

Today’s the big day for Snap Inc., the parent company of dick pic app Snapchat and some confusing drone project: It’s set to begin trading on Wall Street today after the company priced its IPO at $17 a share. Snap’s valuation could be as high as $24 billion, the largest for a US-based tech company since Facebook went public. It’s just a bummer that Snap seems like it’s doomed, since it lost over half a billion dollars last year.

Nevertheless, people are excited, though Snap’s $17 a share pales in comparison to Facebook’s IPO, where shares were priced at $38 a pop. The company’s fate on Wall Street also stands to serve as a litmus test of sorts that will help us understand if the age of overhyped social media companies is coming to a close. Even Snap itself has tried to distance itself from its app-based roots by declaring that it’s now a camera company from the future, whatever that means.

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Snap Inc. shares are reportedly expected to start trading around 11am EST on Thursday morning. According to the planned sale, the company raised $3.4 billion by issuing and selling 200 million shares, and Snap co-founders Evan Spiegel and Bobby Murphy each sold 16 million shares, netting the entrepreneurs $272 million each. Just look how happy they are when they rang the bell to open the New York Stock Exchange:

Evan Spiegel’s Facebook-hating beau, supermodel Miranda Kerr, was also there:

We’ll be watching the market when Snap Inc. shares start trading and will update this post with any exciting news.

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Update 11:45am: Snap Inc. stock is now trading at $25 a share and climbing. In fact, the company’s valuation rose to $33 billion in the first minute of trading. Miranda Kerr expressed her happiness on Instagram:

Update 5:20pm: Snap Inc. shares closed at a price that was 44 percent higher than the IPO price. Snapchat’s founders got a bit richer than expected. However, some analysts predict that the stock price will plunge in the coming days.