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Here's your daily crunch. Turo, the peer-to-peer car sharing startup has initiated the confidential process of filing for an initial public offering with the U.S. Securities Exchange Commission.

The number of shares to be offered in the IPO and the price range have not yet been determined.

The 11-year-old Turoros Marketplace is analogous to Airbnb, letting car owners post an

air to rent out their vehicle on its app and website.

Next, SpaceX will be acquiring satellite connectivity startup Swarm Technologies, the first such deal for the 19-year-old space company headed by Elon Musk.

Swarm operates a constellation of 120 sandwich-sized satellites, as well as a ground station network.

The deal would transfer control of Swarm's Ground and Space Licenses to SpaceX,

in addition to any licenses pending before the Commission.

And Instagram is further investing in its e-commerce business, Instagram Shops, with the

launch of a new advertising product.

The company says it's currently testing the new format,

which includes both single images and the option for an image carousel,

with select US-based advertisers ahead of an expansion to other markets in the months to come.

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