Snapchat is reportedly raising $500M at a jaw-dropping $16B to $19B valuation

Update March 11: A new report claims Snapchat seeks to raise $200 million from Alibaba.

Snapchat could be raising a new round that values the company somewhere between $16 billion and $19 billion.

According to Bloomberg, the ephemeral photo sharing company aims to raise as much as $500 million in the new round. A Snapchat spokesperson declined to comment to VentureBeat on the claim.

It’s noteworthy that we’ve seen similar figures reported before. The numbers above are certainly high; they place the app maker’s value somewhere near half Uber.

The latest funding rumors arrive three or so weeks after Snapchat unveiled Discover, a service that delivers content from major media brands to Snapchat’s massive user base. Snapchat partners include Comedy Central, Food Network, CNN, National Geographic, Yahoo, and Warner Music Group.

In other fun Snapchat news, company founder and chief Evan Spiegel wants to buy Taylor Swift’s record label, apparently.