I'm Fascinated by Snapchat Charts, So I Liveblogged

It's here! The hotly anticipated initial public offering document for Snapchat parent company Snap Inc. landed, and we dug in with highlights and charts. Bloomberg News has reported Snapchat might be looking for a valuation of $25 billion, which would be a heady market value for a six-year-old company:

Another Word About Cost of Revenue: I wrote earlier that Snapchat is in the unusual position of having its cost of revenue -- in Snapchat's case, mostly computer horsepower for all those snaps and stories from its users -- exceed its revenue in 2016. Snapchat is unique in this regard compared with other internet companies. It pays for server costs from Google's cloud-computing operation, which makes the financial burden of every snap and story hit the company's expense line even before the company can generate ad revenue from them.