Report: Snapchat Value Could Reach $10 Billion With Alibaba Investment

Snapchat is poised to join a storied circle of startups including Airbnb, Dropbox and Uber that boast billion dollar valuations in the double digits.

The ephemeral messaging app is in talks with investors -- notably among them Chinese Internet titan Alibaba -- for a new funding round that could value the company at $10 billion, Bloomberg reports.

Dropbox and Airbnb are both valued at $10 billion as well, while Uber shattered records for a valuation from a direct funding round in June totaling $1.2 billion, which rocketed the car-sharing company’s value to $18.2 billion. 

Snapchat, which said its rapidly growing user base sends more than 700 million fleeting messages every day, added new disappearing text messaging and video conversation capabilities in May.

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Despite a legal clash with the Federal Trade Commission -- which ruled that Snapchat messages did not “disappear forever” as advertised, and that it had clandestinely collected user data -- Snapchat has been a hot-button property in the scorching mobile messaging space.

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The company’s founder, Evan Spiegel, famously rebuffed a $3 billion acquisition by Facebook last year, which in turn led the social network to develop its own Snapchat competitor, Slingshot.

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FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

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Alibaba, for its part, has been known to invest in messaging apps before. It led a round in March for the free messaging platform Tango with a $215 million tender. The company, which is expected to have one of the largest U.S.-based IPOs of all time, also tendered $250 million in the latest financing round for car-sharing service, Lyft.

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