Sorry, but this is nonsense. Snapchat already has 2 forms of ads (paid filters and sponsored stories), and $400m in revenue on "only" $450m in costs. Saying SMS

Sorry, but this is nonsense. Snapchat already has 2 forms of ads (paid filters and sponsored stories), and $400m in revenue on "only" $450m in costs. Saying SMS will replace snapchat is like saying horses will replace airplanes; anyone under 30 with a smartphone is way past that. For me, only a little older than the main snapchat demographic, it's replaced most of my use of Hangouts (which replaced SMS, but is basically interchangeable with whatsapp/whatever as far as I'm concerned), and completely replaced Facebook. If I used twitter, it probably would have replaced that too. I have several snapchat friends that I literally don't even have their phone number. Get a few big celebrities using the snapchat glasses courtside at an NBA game or from backstage at a concert or something and watch snapchat explode. I was at a wedding with those glasses and you should have seen how much everyone of all ages loved the glasses. If their valuation was <$10B I'd be all over this IPO, just $24B seems way too high to me (I also think the whatsapp $19B was ridiculous). Their only risk is being replaced the way I think snapchat will replace Facebook (although I don't think Facebook will completely die), which as the evolution of websites and smartphone apps has shown no one can predict.