Snap Inc. is one of 2017's most anticipated IPO's. But the company has some investors wondering what it is really worth. 

Jim Cramer looks at Snap's  (SNAP - Get Report) ad revenue. He compares it to Facebook (FB - Get Report) and Twitter (TWTR - Get Report) .

The company priced shares above the expected range. Based on an official share count of 1.16 billion, the IPO pricing gives Snap a $19.7 billion valuation. But after factoring accounting for the many stock options and restricted stock units (RSUs) set to vest, Snap is assigned a $23.6 billion valuation.