Snap is branching out.
A new report from The New York Times indicates Snap, the parent company of popular social messaging service Snapchat, is building a drone. Sources “familiar with” the company’s plans said drones would be used to take photos and video. It is not yet known if these drones would be made available to customers.
News of Snap’s plans comes just a few weeks after the company made its high-tech sunglasses, dubbed Spectacles, available for purchase online to U.S. consumers. The device comes with a built-in video camera to capture “Memories.”
Snap, which described itself as a camera company in its filing with the Securities and Exchange Commission, is set to go public this month. The initial public offering (IPO) is expected to value Snap at as much as $20 billion or more with prices per share of $14 to $16. If Snap received an initial public offering price of $16 per share, Snap would be valued at $22.24 billion. At $15 per share, the mid-point of the expected range, valuation would come in at just shy of $20.9 billion.
Snapchat, which last fall changed its company name to Snap Inc., is expected to list with the New York Stock Exchange, possibly this week. Once Snap’s IPO is official, it will be the largest company to go public on a U.S. Exchange since 2014 when Chinese eCommerce firm Alibaba went public with a whopping $168 billion valuation.