Reddit's debut will mark the first major tech initial public offering of the year and the first social media IPO since Pinterest went public in 2019.

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”

Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing.

The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.

Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.

Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.

  • Sarmyth@lemmy.world
    3·
    9 months ago

    If the 20% revenue boost was a result of the api changes, the difference may be made the difference of 6 vs 12 months of the increase. Also, other LLM data buyers may become customers now that they know it’s for sale and the approximate cost.