How are they past that point? I doubt if they're all that close to an IPO in the sense that they haven't really proved any sort of monetization that can come even close to justifying even a billion dollar valuation. If they got an offer from FB I have to think they think long and hard about taking it.
Stupid question: who's going to invest in it? Don't these social network sites lacking real profit? Are more people going to dump money on it because they hear the kids talk about snapchat?