Snapchat Inc., the mobile company that has found success by letting users send each other disappearing messages, is negotiating a round of financing with the China-based Alibaba Group Holding firm, among others, that could soon value the three-year-old company at $10 billion, according to Bloomberg.

The valuation is not definite, as the talks are ongoing and there are believed to be a number of potential investors involved, but a $10 billion watermark far exceeds the $3 billion Snapchat turned down from Facebook Inc. (NASDAQ: FB) and $4 billion from Google Inc. (NASDAQ: GOOG).

Snapchat was first developed in a fraternity house by Stanford students Evan Spiegel and Jonathan May, who made it possible for users to take photos, record video and create text or drawing then send that data to a select group of recipients.

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