The self-proclaimed "front page of the internet" is set to go public, according to a securities filings submitted by Reddit on Thursday.
Nearly two decades after it was founded, Reddit will list its shares on the New York Stock Exchange under the ticker symbol RDDT.
It's unclear exactly when Reddit intends to launch its public offering, or how much cash it is seeking to raise, but the company was last valued at $10 billion in 2021 when it raised $410 million in a Series F round that was led by Fidelity Investments. It has raised more than $1.3 billion since 2005.
According to the prospectus, Reddit had around 73 million daily active users and 267 million monthly active users, or what it calls "active uniques," in addition to more than 100,000 active communities which are commonly referred to as "subreddits," at the end of 2023.
The company is reportedly reserving a portion of its shares for 75,000 of its most prolific users, the WSJ reported on Wednesday.
Reddit recorded a $90.8 million loss on $804 million in total revenue in 2023. That loss is down from $158.5 million in 2022 when it generated more than $666 million in revenue.
The company has also reportedly struck a deal with Google that would boost its revenues by $60 million annually, according to Reuters. The licensing deal will allow Google to train its artificial intelligence models with Reddit's user-generated content.
Reddit triggered a user backlash last year when it started charging third-party developers to access it application programming interfaces, or APIs.
Bay Area IPO Watch 2023/2024
Founded by CEO Ali Ghodsi, San Francisco-based data management and analytics company Databricks has raised $3.5 billion and was valued at $38 billion in 2021.
Todd Johnson | San Francisco Business Times
Former Amazon executive Dave Clark joined San Francisco-based logistics company Flexport in 2022. The company has raised $2.5 billion and was valued at $8 billion in 2022.
Dan DeLong | for the Nashville Business Journal
South San Francisco-based Stripe has seemingly shelved its IPO plans, for now, and raised $6.5 billion in a Series I round in 2023.
Stripe
Long tipped as an IPO candidate, San Francisco-based Instacart confidentially filed for an IPO in early 2022 but never moved forward before slashing its internal valuation several times that year. As of April 2023, the company reportedly valued itself at $12 billion, down from $40 billion at the beginning of 2022.
Instacart
San Francisco-based wholesale marketplace Faire has raised $1.26 billion and was valued at more than $12 billion in 2022.
Faire
Burlingame-based mental health services provider Lyra Health has raised more than $900 million and was valued at $5.85 billion in 2022.
Lyra Health
South San Francisco-based Plenty Unlimited has raised $941 million and was valued at more than $1.4 billion in 2022.
Jim Vetter Photography
In April 2023, San Francisco-based blockchain developer Chia Network confidentially filed to go public. It has raised $112 million and was valued at $455 million in 2022.
Chia Networks
San Francisco-based car sharing company Turo filed for an IPO at the beginning of 2022 and disclosed heavy net losses. As of June 2023, it hasn't debuted yet.
Todd Johnson | San Francisco Business Times
San Francisco-based social media site Reddit confidentially filed for a public debut in 2021 but subsequently delayed. The company has raised $1.3 billion and was valued at $10 billion in 2021.
Jason Henry/The New York Times
San Francisco-based health tech developer Komodo Health has raised around $527 million and was valued at $3.3 billion in 2021.
Komodo Health f
San Francisco-based Plaid has raised more than $730 million and was valued at more than $13 billion in 2021.
Plaid
Formerly known as TripActions, Palo Alto-based Navan, which provides corporate travel management services, has raised a little over $2 billion, including a $100 million debt round. It was valued at more than $9 billion in 2022.
Job Portraits | Courtesy of TripActions
