Snap! Acquired is live on the scene reporting from the "Super Bowl" of 2017 tech events: Snap Inc's hugely anticipated (and just plain huge) IPO. What does the future hold for this plucky “camera company”? Will Snap's IPO endure as tech's most important picture-frame since the 2012 debut of Facebook, or is it destined to fade as just another snapshot? We debate!

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Topics covered include: • Reference to our previous Acquired episode on Snap • covering Facebook’s failed attempt to acquire the company in 2013, which goes deep on Snap’s origins and early history • Snap’s busy years since: launching Discover • , Lenses • , Geofilters • , new Chat • , Memories • , an ads API • , acquiring Bitmoji • , and, of course, debuting Spectacles • The incredible document that is Snap's S-1 filing • (read starting from the “BUSINESS” section on p.93 • ) • Snap Inc’s “unique” voting structure • Evan Spiegel’s “CEO Award” bonus for successfully completing an IPO: an extra 3.0% of the company worth more than $600M • Snap’s IPO pricing, first day of trading “pop”, and momentum carried into day two • Introducing a new show section (for IPOs): Narratives! • Snap is a “camera company" • Snap's opportunity is winning television ad dollars • Snap is a cult of the “ product genius • ” • Snap has a growth problem… and its name is Instagram ( Stories • ) • Snap has a cost problem: the (first?) gross margin negative • IPO • Wall Street to Evan: “ we trust you… for now • " • Chris Sacca’s biggest email fail of 2012 • …And of course all the classics from the Acquired canon: waves, moats, flywheels, network effects, starting small and more!

The Carve Out:

• Ben: The Bill Simmons Podcast • with Ben Thompson • David: The Art of War • , also Evan Spiegel’s Carve Out for 2013 • :)