Reddit announced late Wednesday that it has started the process of going public by filing a confidential S-1 with the Securities and Exchange Commission.
The number of shares to be offered has not been determined, the company said, adding that it could not provide further details for regulatory reasons, which is standard practice.
Hi, we have some news. pic.twitter.com/DjkjBRloHF
— Reddit (@Reddit) December 16, 2021
Reddit files to go public: Its value has reached $10 billion
According to the August announcement, Reddit made $100 million in ad revenue for the second quarter of 2020, a nearly 200% increase from the previous year.
The rumors of an IPO have been going on for some time, and in August the company announced it had raised a $700 million round of funding. Its valuation has reached $10 billion.
According to the August announcement, Reddit made $100 million in ad revenue for the second quarter of 2020, a nearly 200% increase from the previous year.
The company said earlier this year that it planned to double its staff by the end of 2021 to around 1,400 employees.
Reddit, founded in 2005, had grown to around 52 million daily users as of August. Huffman told the New York Times in August that it was still planning to go public, but didn’t have a firm timeline, adding, “All good companies should go public when they can.
