Social Media Company Reddit Files to Go Public

If you spend a lot of time online, chances are you’ve heard of Reddit. Especially as the social media platform has helped many meme stocks take off in the last two years.

This week Reddit announced that it has confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) to go public.

While the company did not make the filing publicly available, Reddit did announce the filing. It was also not disclosed how many shares would be offered nor what price range there would be for the proposed offering.

The company additionally announced that it had raised a $700 million round in August 2021 at a valuation of more than $10 billion.
Reddit was created in 2005 and Conde Nast Publications then acquired the company in 2006.

The social media services remained a part of the publication company until it was made an independent subsidiary in 2011. The company has since raised a series of funding rounds from venture capital firms.

Reddit recently announced that it had raised a $700 million round in August 2021 at a valuation of more than $10 billion.

At the time of that funding round, the company said that it had reached $100 million in advertising revenue during the second quarter of 2021, up 192% from a year prior.

In Q2, Reddit broke $100 million in advertising revenue. At last count in August, the site attracted 50 million daily visitors and hosted 100,000 active subreddits.

The company also said earlier this year that it planned to double its staff by the end of 2021 to around 1,400 employees.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.