Feb 2, 2017

Snap files for its IPO

Greg Ruben / Axios

Snap, the parent company of Snapchat, today filed for its initial public offering. The actual IPO is expected to occur in early March, and would be the year's first major tech listing.

Offering: Snap, which refers to itself as a "camera company," says that it plans to raise $3 billion. This may be just a placeholder figure that changes later, as sources have said that the Los Angeles-based company plans could raise upwards of $4 billion. We also don't yet know how many shares the company plans to offer. Expect more details in between two and three weeks.

Financials: Snap reports a $514 million net loss on around $404 million in revenue during 2016, compared to a $373 million net loss on $59 million in revenue for 2015. The company began truly trying to monetize within 2015, and it doesn't break out quarterly financials, so it's unclear if prospective investors should view the revenue growth to be apples-to-apples. Sales and marketing expenses rose from $27 million in 2015 to $124 million in 2016, while R&D spend also climbed by around $100 million. It reports $987 million in cash as of year-end 2016.

Users: 158 million daily average users and 2.5 billion snaps per day. More than 60% of DAUs create snaps each day.

Bankers: Morgan Stanley is the "lead left" underwriter. Others include Goldman Sachs, J.P. Morgan and Deutsche Bank.

Number of times Instagram is cited: 4

Major shareholders: Co-founders Evan Spiegel and Bobby Murphy each hold just under 22% of the company's Class A shares, and 2% of its Class B stock. Last year, Spiegel and Murphy each sold $8.1 million worth of stock back to the company. Michael Lynton, who recently stepped down as Sony CEO to focus full-time on being chairman of Snap, has around 1.5 million shares. Benchmark Capital and Lightspeed Venture Partners are the only listed institutional shareholders, although Snap has dozens.

Comp: CEO Spiegel currently makes $500,000 in annual salary, but that will drop to just $1 at the time of IPO (plus, of course, a possible $1 million annual bonus).

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U.S. coronavirus updates: Death toll passes 9,500

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the novel coronavirus surpassed 9,500 in the U.S. Sunday evening, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day since April 1.

Why it matters: U.S. Surgeon General Jerome Adams said on Sunday that this upcoming week will be "the hardest and saddest week of most Americans' lives" — calling it our "our Pearl Harbor, our 9/11 moment."

Go deeperArrowUpdated 6 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 1,270,069 — Total deaths: 69,309 — Total recoveries: 259,810Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 335,524 — Total deaths: 9,562 — Total recoveries: 17,266Map.
  3. Federal government latest: Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment." The USDA confirms that a Bronx zoo tiger tested positive for coronavirus.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state is "literally going day-to-day" with supplies.
  6. World update: Queen Elizabeth II urges the British people to confront pandemic with "self-discipline" and "resolve" in rare televised address.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Scoop: Inside the epic White House fight over hydroxychloroquine

Photo: Drew Angerer/Getty Images

The White House coronavirus task force had its biggest fight yet on Saturday, pitting economic adviser Peter Navarro against infectious disease expert Anthony Fauci. At issue: How enthusiastically should the White House tout the prospects of an antimalarial drug to fight COVID-19?

Behind the scenes: This drama erupted into an epic Situation Room showdown. Trump's coronavirus task force gathered in the White House Situation Room on Saturday at about 1:30pm, according to four sources familiar with the conversation. Vice President Mike Pence sat at the head of the table.

Go deeperArrowUpdated 42 mins ago - Health