I guess it's confidential since they didn't blast fireworks and cannons.
Anyhow, I say that they will soon(if not now) be known as the cool social network while Facebook will live as the old but reliable techie social network , similar to the Apple/Microsoft delineation.
https://www.sec.gov/divisions/corpfin/guidance/cfjumpstartfa...
Normally, if the company does not qualify for confidential filing, we would be able to go and see the draft S-1 on EDGAR 6 - 9 months in advance of the actual IPO.
"Under the JOBS Act, it has been possible since April 2012 for "emerging growth companies" to file a Form S-1 on a confidential basis, only making the contents public 21 days prior to the road show for the IPO."
With many IPO filings, the financial docs are immediately available to review. Because Snap filed confidentially, we are not given access to these docs until shortly before the actual sale of the IPO shares.