Potential buyers for the first time saw the financials behind one of the most anticipated stock-market debuts of the year, which showed the social network's revenue more than doubled to $254 million in the first six months of this year. But its net loss grew by 40% to $69 million as the company's expenses ballooned. Twitter's user growth is also slowing, and prices for advertisements, which make up the bulk of the company's revenue, are falling.
The document suggests Twitter recently valued itself at about $9.7 billion, based on the number of shares outstanding, or at about $13 billion when including equity awards.
Twitter chose TWTR as its ticker symbol but hasn't specified whether it will trade on the New York Stock or Nasdaq Stock Market.
The clock is now ticking on when Twitter can begin its roadshow. The IPO filing must be public for at least 21 days before the company can set a price range and say how many shares it is selling.
The deal will be watched by other technology companies looking to go public, such as Box Inc., an online storage company, and Square Inc., the mobile-payments company created by Mr. Dorsey.