Reddit takes big step towards going public by revealing finances

TLDR:

• Reddit has filed to go public, making it the first major social media company to debut on the stock market in years
• The company reported a rise in revenue and decrease in losses, with 73 million daily users and over 100,000 active communities

Reddit, the community-focused message board site, filed to go public on Thursday, marking a significant moment in the social media landscape. The San Francisco-based company detailed its financial performance in an offering prospectus, showing a revenue increase of over 20 percent and narrowing losses. With 73 million daily users and more than 100,000 active communities, Reddit is gearing up to meet potential investors and potentially go public on the New York Stock Exchange under the symbol RDDT.

As the last of an earlier generation of social media companies to aim for the stock market, Reddit’s move comes after a lull in initial public offerings in the United States. In a landscape that has seen shifting directions with companies like Meta (formerly Facebook) and X (formerly Twitter), Reddit’s IPO is highly anticipated. CEO Steve Huffman expressed that the company is going public to advance its mission and strengthen itself, with hopes of providing benefits to its community of users who have a deep sense of ownership over the communities they create on the platform.