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Snapchat preps a $25 billion IPO | Recode Daily: October 7, 2016

Shares could hit the market as early as the end of March.

Snap CEO Evan Spiegel
Snap CEO Evan Spiegel
Larry Busacca/Getty Images for Time Inc

.Snap (formerly Snapchat) is readying the paperwork for an IPO that could value the company at $25 billion. The company wants to be able to go public as early as next March.
[Maureen Farrell, Juliet Chung and Rolfe Winkler | Wall Street Journal]

.At its Connect developers conference, Facebook's Oculus showed off the latest products and features in its virtual reality lineup, including a prototype of a wireless headset.
[Kurt Wagner | Recode]

.Facebook has been talking to government officials and wireless carriers about bringing its controversial Free Basics program to the United States. Free Basics, now available in 49 countries, provides low-income people with free access to a selection of internet resources. Critics say it gives an unfair advantage to big companies that can afford to participate.
[Brian Fung | Washington Post]

.In an encouraging sign for tech IPOs, shares of Coupa Software jumped 85 percent in first-day trading, giving the company a valuation of $1.6 billion. Coupa makes software tools that help businesses manage spending.
[Richa Naidu and Liana B. Baker | Reuters]

.On the latest episode of Too Embarrassed to Ask, Recode’s Ina Fried joins Lauren Goode and Dieter Bohn of The Verge to talk about their impressions of Google's new hardware and the machine intelligence features of its software.
[Eric Johnson | Recode]

By Ina Fried
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Upfront fares come to the Big Apple.
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The company is still weighing the right time to bring phones to the U.S.
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Toca Boca’s service, aimed at kids between 5 and 9, will sell for $4.99 per month.
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"I think I’m a good-hearted psycho."
Like: Sir Ian McKellan thinks he won the lottery then realizes he didn’t; Christopher Walken determines if milk has gone bad; and Tommy Lee Jones gets fed up with autocorrect.

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