Twitter's IPO Filing Shows 215 Million Monthly Active Users

"We will cease to be an emerging growth company upon the earliest of: (i) the end of the fiscal year following the fifth anniversary of this offering, (ii) the first fiscal year after our annual gross revenue are $1.0 billion or more," the filing indicates. Other situations in which the company would no longer be an emerging growth company is when it issues more than $1 billion in debt securities, or when the value of Twitter's common stock held by non-affiliates exceeds $700 million.

One week ago, Twitter announced a deal with the National Football League that allows users to view NFL footage and news on the social media site in a move that will bring it another revenue stream.

Read More: NFL Fans Can Access Football Clips on Twitter

Typically after a company files an S-1, there is a required "quiet period," but under the JOBS Act, smaller companies can still meet with investors.

"The road show can happen super fast," Rao said, with some companies even pricing their IPO within days and others in a longer time frame. In a road show, company officials go around to prospective major investors to drum up support for the share offer.

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