Pinterest confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering of stock, people familiar with the matter told The Wall Street Journal.
The company is seeking a valuation of at least $12 billion, according to the report.
Pinterest, where users post and look for pictures that interest them, is working with Goldman Sachs and JPMorgan Chase to lead its listing, which could raise about $1.5 billion, people with knowledge of the matter said last month.
Pinterest is getting closer to going public this year.
Pinterest, which was founded in 2010, would join in the IPO queue a number of privately held tech giants that have held off for years from gong public.
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Pinterest was last valued at $12.3 billion in a 2017 funding round.
Pinterest co-founder, Evan Sharp, said that the company would continue to be profitable because it be can more than a visual search engine.
Other Silicon Valley startups such as Airbnb and Slack are considering foregoing Wall Street underwriters and listing directly to the public, similar to Spotify's record-setting $26.5bn direct float previous year. Other notable names include ride-hailing companies Uber Technologies and Lyft, work collaboration tool Slack and potentially the online marketplace and hospitality platform Airbnb.
Andrew Lipsman, principal analyst at eMarketer, a data research company, noted that Pinterest has to demonstrate that its advertising can drive users to purchase items from the site.
Pinterest has raised $1.5 billion. "Ultimately, it will have to prove that its ads are effective in building brands and driving commerce".