Reddit Targets IPO, Reveals Financials in Public Offering Push

The company, originating from a University of Virginia dorm room by founders Alexis Ohanian and Steve Huffman, is now eyeing a public valuation exceeding $10 billion, following its last private funding round in 2021. Reddit’s IPO journey is set against the backdrop of a broader tech and social media landscape transformation, with predecessors like Facebook (now Meta), Twitter (recently privatized as X by Elon Musk), and Snap leading the way in earlier years.

The anticipated move comes during a period of IPO scarcity, contrasting sharply with the boom experienced in 2021. Last year saw a mere 108 companies going public in the U.S., a stark decrease from the previous year, with notable tech IPOs including chip designer Arm and grocery delivery service Instacart. Reddit’s CEO, Steve Huffman, in a founder’s letter, expressed that the IPO is aimed at advancing the company’s mission and benefiting its extensive community.