It may have seemed strange when Snapchat turned down Facebook’s reported $ 3 billion buyout offer last year, but here’s the reason why: the startup is now raising money at a valuation of nearly $ 10 billion, according to The Wall Street Journal. Back in May, the venture-capital firm Kleiner Perkins reportedly committed to investing up to $ 20 million in Snapchat at this high valuation. At least one other investor is also said to be taking part in this round of funding, which reportedly is not yet closed. Alibaba was previously reported to be involved as well, though it’s now said to have passed. Snapchat has raised several rounds of funding prior to this, but all at a lower valuation.