Reddit is reportedly set to launch its initial public offering in March after a three-year effort to go public, marking the first social media platform to do so since 2019. The filing is expected in February, with the IPO likely completed by the end of March.
The San Francisco-based company, valued at about $10B in a funding round in 2021, will decide its IPO valuation closer to the listing and is looking to sell about 10% of its overall shares. Founded in 2005, the company generates most of its revenue through advertising and monthly subscriptions but has yet to turn a profit. It reportedly brought in over $800M in advertising revenue in 2023.
The news comes after a decision last year to charge third-party apps to access the site's previously free application programming interface. Reddit faced protests on the platform for the move, including over 8,000 subreddits going dark.