Twitter hopes to raise $1bn from its impending IPO.
The social networking site has filed papers with US regulators indicating the sum of money it wants to raise from its stock market debut.
In the filing dated Thursday, the social media giant said it now has 218m users per month, up from 138m in March 2012, and that 500m tweets are sent daily.
Twitter’s finances were also revealed for the first time.
While it has never made a profit, its revenue has grown from just $28m in 2010 to $317m by the end of last year, while it made a loss of $69m in the first six months of 2013.
As of this year, more than 65% of the firm’s advertising revenue – which provides 85% of its income – came from mobile devices, which were also used by 75% of account holders to access the site.
Analysts speculate that Twitter will do well when it finally floats, despite the losses it has incurred while growing at such a fast pace.
Brian Wieser, analyst at Pivotal Research Group, told Reuters that the losses are "a non-issue". "It would have been a surprise if they had a profit."
"Users should be happy about this," said Zachary Reiss-Davis, an analyst with Forrester told the BBC.
"It looks like Twitter is looking at how to enrich the experience and it understands that to build a successful service, they have tocreate something people like and want to come back to and spend time on."
However, the social network admitted in its filing that there are "numerous" risks to the success of its business.
These include failing to grow its user base, a decline in how much people engage with each other on the site, as well as tax liabilities predicted to "arise upon the initial settlement of restricted stock units, or RSUs, in connection with this offering."
Goldman Sachs is the lead bank taking the company public, helped by Morgan Stanley, JP Morgan, BofA Merrill Lynch, Deutsche Bank Securities and CODE Advisors.
