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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).

Go deeper

Kendall Baker, author of Sports
4 mins ago - Sports

MLB falls out favor with Republicans

Expand chart
Data: Morning Consult; Chart: Will Chase/Axios

MLB is the latest sports league to fall out of favor with Republicans following its decision to pull the All-Star Game out of Atlanta.

By the numbers: In mid-March, MLB's net favorability rating among Republicans was 47%, the highest of the four major U.S. sports leagues. Since then, it has plummeted to 12%, dropping the league below the NFL and NHL, according to new data from Morning Consult.

18 mins ago - World

Blinken makes unannounced trip to Afghanistan to sell troop withdrawal

Photo: CARLOS BARRIA/POOL/AFP via Getty Images

Secretary of State Antony Blinken made an unannounced trip to Afghanistan on Thursday to meet with the nation's president, Ashraf Ghani, and Abdullah Abdullah, who is representing the Taliban in negotiations, per the Washington Post.

Why it matters: Blinken sought to reassure the pair that the U.S. will maintain support for the country, despite President Biden's decision to withdraw troops from Afghanistan starting May 1 and concluding in full by Sept. 11.

Women rise to the top at major media companies

Illustration: Aïda Amer/Axios

Several women have been tapped to lead some of the country's largest newsrooms over the past year — a promising sign of progress for an industry that's typically been slow to accept change and embrace diversity.

Driving the news: CBS News executive Kimberly Godwin was named president of ABC News on Wednesday. Godwin will be the first Black woman to lead a major broadcast news division when she takes the helm in May.