Reddit files for US IPO
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The news: Social media platform Reddit has filed paperwork with the Securities and Exchange Commission for an initial public offering in the US.
The numbers: Reddit has not yet disclosed the pricing of its share sale, but was last valued at USD10 billion ($15.25 billion) in a funding round in 2021.
The company’s filing revealed annual sales of USD804 million in 2023, up 20% from the previous year. It reported a net loss of USD90.8 million and has incurred losses since inception.
The context: Reddit plans to trade on the New York Stock Exchange. Its market debut, expected in March, will mark the first major tech IPO this year and also the first social media listing since Pinterest went public in 2019.
Its share sale plan comes almost two decades after Reddit's launch and will be a major test for a platform that still lags the commercial success of social media peers such as Facebook and Twitter, now called X.
On Thursday it struck a deal to make its content available for training Google’s artificial intelligence models.
Reddit was founded in 2005 by Alexis Ohanian and Steve Huffman, but was acquired by publishing giant Condé Nast in 2006 and then spun out as an independent company in 2011.
The sources: US SEC announcement, CNBC
