Snap, the company behind instant messaging app Snapchat, went public this morning at price that values the loss-making tech company at $33 billion. Here's how the investors are valuing the company: At $33 billion, investors are saying Snap is worth 35 times what it's estimated to generate in sales this year, or about $936 million, according to eMarketer. Compare that with Facebook, which is currently worth about 10.5 times its estimated 2017 revenue. In other words, investors, for the moment, think Snap has three times more potential value than Facebook. That's a big bet. Snap lost $514 million last year on $404 million in revenue. Compare that with Twitter, which lost $79 million the year before its IPO, while Facebook made $1 billion in profit. Snap has 158 million daily active users. Facebook at its IPO had 845 million monthly active users and 483 million daily active users.