Snapchat Inc., the company that makes a mobile application for disappearing photo messages, is in talks with investors including Alibaba Group Holding Ltd. (BABA) for a round of financing that may value the company at $10 billion, people with knowledge of the situation said.

The talks are ongoing and the terms of the funding may change, said one of the people, who asked not to be identified because the talks are private.

Technology companies including house-sharing app Airbnb Inc. and file-sharing company DropBox Inc. have both recently raised money at $10 billion valuations. In June, car-booking app Uber Technolgies Inc. raised $1.2 billion at a record-breaking valuation of $17 billion.

Jim Wilkinson, a spokesman for Alibaba, declined to comment, as did Mary Ritti, a spokeswoman for Snapchat.

Snapchat, born in 2011 in a fraternity house, provides tools that let users easily draw on photos, to put a mustache on a selfie, for example. The images are deleted seconds after they are accessed. The company has already raised more than $100 million of financing from investors including Lightspeed Venture Partners, Benchmark, Institutional Venture Partners, General Catalyst Partners and SV Angel.

To contact the reporters on this story: Serena Saitto in New York at [email protected]; Leslie Picker in New York at [email protected]

To contact the editors responsible for this story: Pui-Wing Tam at [email protected] Elizabeth Wollman