After years of hypothesis, Reddit has paperwork for an Preliminary Public Providing on the New York Inventory Trade. 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 notice 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 traders.”
The corporate didn’t say what number of customers may be capable to take part, however mentioned that eligible customers could be decided based mostly on their karma scores whereas “moderator contributions shall be measured by membership and moderator actions.”
The submitting additionally provides up new particulars concerning the interior workings of Reddit’s enterprise. The corporate had 500 million guests through the month of December and has not too long ago averaged simply over 73 million “each day energetic 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 seems to develop 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 12 months. “We imagine our rising platform knowledge shall be a key factor within the coaching of main giant language fashions (“LLMs”) and function an extra monetization channel for Reddit,” the corporate writes.
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