More than two years after first filing to go public, Reddit has detailed its finances and invited power users to invest in its imminent IPO.
On Thursday, Reddit filed its S-1 registration statement with the SEC detailing its finances and business goals ahead of its imminent initial public offering on the New York Stock Exchange under the symbol RDDT. In its S-1 document, Reddit said it made $804 million in revenue last year, the vast majority of which came from advertising. However, the company is unprofitable, with a net loss of $90.8 million in 2023.
3 million shares of its Class A common stock “to fund community-related programs that empower Redditors to bring their ideas to life.” Reddit lists data licensing and model training as part of its monetization strategy. Earlier on Thursday, it announced an AI training data deal with Google that will give the search giant “more efficient ways to train models” and real-time access at a reported price of about $60 million per year.
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