After years of hypothesis, Reddit has paperwork for an Preliminary Public Providing on the New York Inventory Change. The corporate, which plans to make use of RDDT as its ticker image, may also permit some longtime customers to take part by shopping for shares.
In a word shared within the firm’s with the SEC, Reddit CEO Steve Huffman mentioned that many longtime customers already really feel a “deep sense of possession” over their communities on the platform. “We would like this sense of possession to be mirrored in actual possession—for our customers to be our homeowners,” he wrote. “With this in thoughts, we’re excited to ask the customers and moderators who’ve contributed to Reddit to purchase shares in our IPO, alongside our buyers.”
The corporate didn’t say what number of customers would possibly be capable to take part, however mentioned that eligible customers can be decided primarily based on their karma scores whereas “moderator contributions will probably be measured by membership and moderator actions.”
The submitting additionally presents up new particulars in regards to the inside workings of Reddit’s enterprise. The corporate had 500 million guests in the course of the month of December and has not too long ago averaged simply over 73 million “every day lively distinctive” guests. In 2023, the corporate introduced in $804 million in income (Reddit has but to show a revenue). The doc additionally notes that the corporate is “exploring” offers with AI corporations to license its content material because it appears to broaden its income sooner or later.
Earlier within the day, Reddit and Google introduced that they’d struck such , reportedly valued at round $60 million a yr. “We imagine our rising platform knowledge will probably be a key component within the coaching of main massive language fashions (“LLMs”) and function a further monetization channel for Reddit,” the corporate writes.
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