The social media platform Reddit is planning to go public and recently submitted a draft registration statement as part of its S-1 filing with the Securities and Exchange Commission (SEC).
Total shares being offered, and the initial valuation, were not yet revealed — those numbers will be hashed out in the coming weeks as a prospectus for potential investors is developed. Reddit was last valued in excess of $10 billion following an August funding round.
See also: Reddit on the Hunt for IPO Advisers
Founded in 2005 in Medford, Massachusetts, Reddit is among the most popular social platforms with over 430 million monthly active users and more than 100,000 active communities. The company is now headquartered in Silicon Valley.
Reddit became a household name when it made headlines regarding the subreddit WallStreetBets, which had a major hand in bringing to life a category of stock market investing called meme stocks.
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Reddit is backed by more than $1 billion in private capital from investors that include Fidelity Management, Advance Publications, Sequoia Capital, and Andreessen Horowitz, and others.
CEO Steve Huffman, also known by his Reddit username spez, hired a chief financial officer this year and had been considering going public with a special purpose acquisition company (SPAC).
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