Reddit (REDDIT) disclosed on Thursday it has filed an initial public offering and intends to trade on the New York Stock Exchange.
The social media firm, which inked a content licensing deal with Alphabet’s (GOOG) (GOOGL) Google, will trade under the ticker symbol “RDDT.”
Lead underwriters on the deal are Goldman Sachs (GS), Morgan Stanley (MS), JPMorgan (JPM), and Bank of America Securities (BAC). Pricing and the number of shares have not yet been disclosed.
According to the filing, Reddit generated $804M in revenue in 2023, up from $666.7M in 2022. It had gross margins of 86% and 84% in 2023 and 2022, respectively, while net losses during the same time periods were $90.8M and $158.6M.
Adjusted EBITDA for 2023 and 2022 came in at negative $69.3M and negative $108.4M, respectively.
Reddit had more than 100,000 active communities and more than 73.1M daily active users as of Dec. 31, according to the filing. It also has more than 267M average weekly active uniques, Reddit said.
Reddit has more than 1B posts and 16B comments through the end of December and was one of the ten most-visited sites in the U.S. that month, according to Similarweb.
Founded by Alexis Ohanian and Steve Huffman, Reddit has also become particularly important” for artificial intelligence, as its content is being used to train large language models.
“Our massive corpus of conversational data and knowledge is what makes us unique, and we believe its value will continue to grow over time as our user-generated data continues to grow,” the company said in the filing.
Reddit was acquired by Condé Nast in 2006 and became an independent company in 2011. The company said in December that it had confidentially filed with U.S. regulators to conduct an IPO.