Reddit Confidentially Files to Become Public
Last updated December 16, 2021
- A draft registration statement for Reddit to go public has been submitted to the Securities and Exchange Commission.
- Despite announcing its filing, it did not make the filing publicly available.
- The company has raised $700 million from investors in August 2021 for a valuation exceeding $10 billion.Â
Reddit submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (SEC) in preparation for going public and did not make the filing public. The company did not disclose the number of shares or the price range for the offering, saying these haven't been determined yet in the relevant announcement made on Wednesday.
Due to regulatory reasons and standard practice, Reddit could not provide other details. Seeing as it was launched in 2005, Reddit has taken a unique approach to go public.
Conde Nast Publications acquired Reddit in 2006, and until 2011, it remained a part of the publishing company. A series of venture capital funding rounds have followed since then. Recent announcements from the company indicated that it had raised $700 million from investors in August 2021 for a valuation exceeding $10 billion.Â
During the second quarter of 2021, the company reported revenue of $100 million, a 192% increase compared to the same period the year before. Several prominent companies have invested in the company, including Fidelity Investments, Andreessen Horowitz, Sequoia Capital, and Tencent Holdings.Â
co-founder and CEO of Reddit Steve Huffman told the New York Times in August that Reddit was "still planning on going public" but didn't have a firm timeline, adding, "All good companies should go public when they can." In October last year, Reddit had over 100,000 communities, or "subreddits," with 52 million daily active users.
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