For a company that got its start popularizing disappearing text messages, Snap is about to create some permanent riches.

The social media company created by two Stanford graduates who've yet to turn 30 filed its papers to go public on Thursday.

Co-founders Evan Spiegel and Bobby Murphy each own 20 percent of Snap, according to the prospectus. Based on a valuation that could reportedly reach $25 billion at the time of the offering, each of them would own shares worth about $5 billion.

Spiegel and Murphy each control 44 percent of the company's voting power before the offering. Post-IPO voting control wasn't listed.

Venture capital firm Benchmark is the biggest outside investor, with a 12 percent stake worth an estimated $3 billion. Benchmark, also a big backer of Twitter and Uber, led a $13.5 million round in 2013 at a $70 million valuation.

Lightspeed Venture Partners owns 7.7 percent worth about $1.9 billion.