After months of speculation and preparation, Reddit has filed to go public.
Reddit has been in the news quite a bit over the last year, establishing itself as the dark horse among social media platforms. While Twitter, Facebook, and Snap have published their growth rates and user numbers for some time, Reddit just started doing so in late 2020. When it did, the company surprised the industry with a growth ratethat put its competitors to shame.
Reddit has since been preparing to go public, hiring its first CFO and completing another round of funding that brought its valuation to $10 billion.
The company has now revealed that it has filed paperwork with the SEC to go public.
Reddit, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the ”SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.
We are in a quiet period, and for regulatory reasons, we cannot say anything further.