the staff of the Ridgewood blog
Ridgewood NJ, Reportedly, Reddit is gearing up to launch its initial public offering (IPO) in March, concluding a three-year effort to go public and becoming the first social media platform to do so since 2019. The filing is anticipated in February, with the IPO expected to be finalized by the end of March.
Headquartered in San Francisco and valued at approximately $10 billion in a 2021 funding round, Reddit will determine its IPO valuation closer to the listing. The company aims to sell around 10% of its total shares. Founded in 2005, Reddit primarily generates revenue through advertising and monthly subscriptions but has yet to achieve profitability. In 2023, it reportedly recorded over $800 million in advertising revenue.
This development follows a decision last year to impose charges on third-party apps accessing the site’s previously free application programming interface, a move that sparked protests on the platform. Over 8,000 subreddits participated in the protest by going dark.
As the 16th-largest website globally in terms of traffic, Reddit boasts a user base of over 70 million daily users. Additional Reddit statistics can be found [here](link to Reddit stats).
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