In August, Reddit raked in a hefty $ 410 million in funding led by Fidelity valued at $ 10 billion. It had plans to end the round, a series F, then $ 700 million.
The company’s CEO, Steve Huffman told the New York Times that Fidelity’s investment would give her more time to decide when and how to go public.
It is now known that the 16-year-old website has confidentially submitted a draft registration statement to the Securities and Exchange Commission to go public, the company said Wednesday evening.
Reddit has yet to set the number of shares it will offer or the price range for its IPO.
There were signs that the well-funded company was poised to go public. It is in March announced the hiring of the very first CFO, Drew Vollero, who was previously involved in Snap’s initial public offering.
Reddit has raised $ 1.3 billion in funding to date, according to Reddit generally accessible information.
The content aggregator giant faced increasing challenges, such as presenting itself as a home for communities, while trying to cut down on hate speech. A subreddit earlier this year played a Key role in massive market rallies for companies like GameStop and AMC.
In 2019, Tencent’s leading role in Reddit’s $ 300 million Series D fueled fears that the community site could be affected by censorship. My colleague at the time, Jon denied the speculation.
The hype surrounding Reddit has contributed to its financial success. In the second quarter, Reddit is broke $ 100 million in advertising revenue. At the last count in August, the site was attracting 50 million daily visitors and hosting 100,000 active subreddits.