Reddit files for IPO and will let some longtime users buy shares

After years of speculation, Reddit has done just that Filings for an Initial Public Offering on the New York Stock Exchange. The company, which plans to use RDDT as its ticker symbol, will also allow some long-term users to participate by buying shares.

In a note shared in the company With the SEC, Reddit CEO Steve Huffman said many longtime users already feel a “deep sense of ownership” over their communities on the platform. “We want that sense of ownership to be reflected in real ownership — that our users are our owners,” he said. “With that in mind, we’re excited to invite Reddit contributors and moderators to buy shares in the IPO alongside our investors.”

The company didn’t say how many users could participate, but said eligible users would be determined based on karma points, with “moderator contributions measured by membership and moderator actions.”

The document also provides new details about the inner workings of Reddit’s business. The company had 500 million visitors during December and recently averaged just over 73 million “daily active unique” visitors. In 2023, the company brought in $804 million in revenue (Reddit has yet to turn a profit). The document also mentions that the company is “exploring” deals with AI companies to license its content as it looks to expand its revenue in the future.

Earlier in the day, Reddit and Google announced that they had such a strike , is reported to be worth about 60 million dollars annually. “We believe our growing platform data will be a key element in training leading large language models (“LLM”) and serve as an additional monetization channel for Reddit,” the company wrote.

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