hoping for a valuation of 25 billion dollars.

它首次公開募股的估值目標是250億美元

The app, if it manages to raise the three billion that it hopes to, will be the third biggest US tech IPO,

如果 Snapchat 成功募集目標的30億美元，它會是美國科技業首次募股第三高的公司

following companies like Chinese e-commerce giant Alibaba and facebook which itself raised 16 billion during its IPO.

第一高則是中國電子商務線上交易平台阿里巴巴，第二高是在首次公開募股達到160億美元的臉書

The company first gained fame for being an explicit photo-messaging app for young teens,

這間公司為青少年設計的影像訊息app一舉成名

Snapchat now brands itself as a camera app, and it wants its users to be playful,

Snapchat 現在則主打它的照相功能，希望它的使用者可以以有趣的方式來玩它，

making it one of the most well-loved augmented reality apps.

讓它成為最受喜愛的擴增實境（AR）app

A range of filters allows users to constantly play around, causing endless hilarity.

使用者可以用它提供的多種濾鏡製造更多歡樂

Snap Inc's business is no child's play.

Snap 公司的業務也不只是玩玩而已，

It hopes to raise three billion dollars and what would be one of the biggest tech IPO of recent years., according to new documents.

根據最新數據顯示，它期望達到的30億的目標，是近幾年科技首次公開募股最高的金額

The company listed three risk factors in its ability to grow: Brexit, competition from larger companies such as facebook or Tencent,

這間公司也羅列出了三個風險因子：英國脫歐的影響、面對其他大公司像是臉書還有騰訊的競爭，

and possibly the most important one, Snap Inc has never turned a profit.

還有最重要的的，Snapchat 從來沒有獲得利潤

Could this possibly turn its dream of a successful IPO into a nightmare?

這首次公開募股到底會成功還是成為一場夢靨呢？