Snapchat now valued at $16 billion

Snapchat brass has been making headlines all week, what with co-founder and CEO Evan Spiegel’s rare profile in Bloomberg Business and his admission that the Venice, California, startup is eyeing an IPO during his keynote conversation at the Code Conference. Meanwhile, the company is in the midst of another nine-figure raise that values the company at $16 billion, reported CNBC.

Sources told the news organization that Snapchat is in the process of raising $650 million in equity and has earmarked $112 million in stock for a later sale. The company’s new investors include Alibaba, Fidelity, York Capital and Glade Brook Capital.

Snapchat last raised $200 million from Alibaba in a round in March that valued the company at $15 billion. The company has amassed $848 million so far, according to CrunchBase.