According to a Business Insider report, a new regulatory filing unearthed by VCExperts, which measures data on private companies, shows that Snapchat will only raise $54 million, a steep drop from the rumored $200 million round. But the biggest nosedive is the ephemeral trendsetter's valuation. The filing says investors value Snapchat at $2 billion—not the $3 billion, or $3.5 billion, or $4 billion previously reported.

A source told Valleywag the filing could be related to Snapchat's last round, not its upcoming one and that VCExperts is often wrong.*

But VCExperts told Business Insider it's new:

There isn't enough evidence to prove Snapchat sold all the shares they've authorized. But if they have, the company would be valued at about $2 billion, says VC Expert's Justin Byers. [...]

"We pulled their most recent restated certificate of incorporation filed just a few weeks ago 11/26/2013, and it shows that they have authorized a new Series C Preferred for approx. $54,542,880 (1,600,000 shares @ $34.0893 per share)," Byers told Business Insider. This could mean that the founders are looking to cash out some of their equity, he speculated.

Back in June, Valleywag reported that Snapchat's cofounders Evan Spiegel and Bobby Murphy cashed out in their last round too. We heard each cofounder took $10 million in secondary funding as individual shareholders in the Series B round that valued the company at $800 million, pre-money.

Two billion is a pretty huge jump since June. But if this filing is related to its Series C, it's almost comforting that that manipulating M&A rumors in your favor can't net you a couple extra billion, no?

VCExperts Snapchat 11262013

Updated to include skepticism from a source that the new document is related to the Series C.

*Update 12/12/2013: VC Experts was right: For its Series C, Snapchat only raised $50 million, all from a low-profile hedge fund called Coatue Management.

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