Snapchat has been reported as the fastest-growing social app. It’s inspired an absolutely pointless ripoff from a huge international company. It’s so popular among teens that it’s making them lose their frickin’ minds.

But is it really worth $10 billion?

Apparently, according to a new report from Bloomberg. They quote people familiar with the matter who say that Snapchat is in talks with a variety of investors, including Alibaba, for a new round of funding that would give the company that lofty valuation.

Though Snapchat has always been cagey about definite user numbers, CEO Evan Spiegel did reveal that the company was handling over 700 million messages a day back in May. That’s roughly how many photos WhatsApp said they deal with every day a few months ago. For comparison, Facebook is currently acquiring WhatsApp for $19 billion.

Snapchat’s potentially huge valuation would make the decision to turn down Facebook’s $3 billion offer last year look pretty damn good.

Bloomberg also points out that Snapchat, with a $10 billion valuation, would join the ranks of a couple of other high-profile companies to recently raise at top-tier levels – including Airbnb and Dropbox at $10 billion and Uber at $17 billion.

Image via Snapchat, Facebook