Reddit Files to Go Public, in First Social Media I.P.O. in Years

Reddit has filed to go public, marking the first major tech initial public offering of the year and the first social media IPO since Pinterest in 2019.
The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT”.
Reddit reported $804 million in annual sales for 2023, up 20% from the previous year.
The company has incurred net losses since its inception, with a net loss of $90.8 million for the year ended Dec. 31, 2023.
Reddit estimates its total addressable market globally from advertising, excluding China and Russia, to be $1.4 trillion by 2027.
The company is in the early stages of developing and monetizing a data-licensing business, allowing third-parties to access, search, and analyze data on its platform.
Reddit’s non-employed moderators, known as Redditors, will be able to participate in the company’s initial public offering through its “directed share program”