Snapchat owner Snap fired the opening salvo in its $3bn initial public offering on Thursday, outlining aggressive expansion plans but offering new investors no say on how the company is run and no promise of profits.

Snap's publication on Thursday of its IPO registration document sets the stage for its upcoming marketing campaign to convince investors to look past its widening losses and the firm grip of its founders, and focus on its rapid growth of active users.

The number of Snap's daily active users grew to an average of 158 million at the end of December, up 48 per cent year-on-year, Snap revealed. However, its net loss widened to $514.6m in 2016 from $372.9m the year before.

While Snap will have time to polish its marketing pitch in the run-up to the IPO planned for March, some analysts were taken aback that the company was just beginning to reap cash from its product.

"What surprises me the most is that it is still very early days when it comes to Snap making money," said Rohit Kulkarni, managing director at private securities investment firm SharesPost.

Snap had confidentially registered with the US Securities and Exchange Commission for an IPO late last year. It kept the filing under such tight wraps, even some of its IPO underwriters had not seen it prior to publication on Thursday, sources familiar with the matter previously told Reuters.

Snap said in the IPO registration document published on Thursday it would become the first US company to go public with shares on offer not granting voting rights to stock market investors. Its founders, Evan Spiegel and Robert Murphy, will keep control of the company.

Snap could be valued at between $20bn to $25bn, according to sources familiar with the situation who asked not to be named because the matter is confidential. That would give the company the richest valuation in a US technology IPO since Facebook.

Snap, which launched itself in 2012 with an app that sends disappearing messages, rebranded itself last year as a camera company and started selling $130 video camera glasses. It generates the majority of its revenue from advertising, seeking to challenge the dominance of internet giants such as Facebook and Alphabet’s Google.

The world’s most valuable brands Show all 10 1 /10 The world’s most valuable brands The world’s most valuable brands 1st - Google Google replaced Apple as the world’s most valuable brand, with a brand value of $109.5bn, according to Brand Finance The world’s most valuable brands 2nd - Apple Apple’s brand value declined from $145.9bn to $107.1bn in 2016 The world’s most valuable brands 3rd - Amazon Amazon's brand value rose from $69.6bn to $106.4bn in 2016 Amazon The world’s most valuable brands 4th - At&t Of the 40 telecoms brands in the ranking, AT&T in 2016 overtook Verizon as the most valuable brand rising to $87bn from $59.9bn the year before The world’s most valuable brands 5th - Microsoft Microsoft's brand value rose marginally from $67.3bn to $76.3bn in 2016 The world’s most valuable brands 6th - Samsung Amazon's brand value rose from $58.6bn to $66.2bn The world’s most valuable brands 7th - Verizon Verizon's brand value inched up from $63.1bn to $65.9bn The world’s most valuable brands 8th - Walmart Walmart's brand value rose from $53.6bn to $62.5bn The world’s most valuable brands 9th - Facebook Facebook's brand value increased sharply from $34bn to just shy of $62bn The world’s most valuable brands 10th - ICBC ICBC saw its brand value rise to $47.8bn from $36.3bn. It was the most valuabe financial brand in the world in 2016 replacing Wells Fargo

"The industry has been crying out for new advertising units" says Ian Schafer, founder and chairman of ad agency Deep Focus, referring to the tight hold Facebook and Google have on the digital advertising marketplace.

In its IPO registration document, Snap cited Apple, Google, Twitter, Facebook and its photo-sharing platform Instagram as its competitors.