Like Facebook, Snapchat has become a hot social media platform for millennials with 161 million daily average users. But some investors worry that it may slowly disappoint over time like Twitter, with plateauing user growth and revenue.
Snap's shares rose an impressive 44% on Thursday. Twitter crushed that stat with a 73% jump on its first trading day in 2013. Facebook had a disappointing IPO in 2012, with its shares jumping a measly 0.61% on their first day.
The difference in a company's first-day share price may be partly due to the simple law of supply and demand, said Nicholas Einhorn, an analyst with Renaissance Capital, who covers Snap. In addition to other market factors, Snap was probably the beneficiary of good timing -- its launch came the day after the Dow Jones Industrial Average, S&P 500 and Nasdaq all hit fresh record highs. The financial markets have been red-hot since the election of President Donald Trump, although they declined overall on Thursday.
But a robust IPO is no guarantee of future success for a company or its investors. Facebook's shares have soared since the company's dismal IPO, and Twitter's have tanked.
While no one figure can tell the whole story, here's a closer look at each of these three big tech IPOs.