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Reddit is going public and inviting power users to invest

An image showing the Reddit logo on a red and white background
Image: The Verge

On Thursday, Reddit filed its S-1 registration statement with the SEC detailing its finances and business goals ahead of its imminent initial public offering on the New York Stock Exchange under the symbol RDDT.

In its S-1 document, Reddit said it made $804 million in revenue last year, the vast majority of which came from advertising. However, the company is unprofitable, with a net loss of $90.8 million in 2023.

In an unusual twist, Reddit is also giving an unspecified number of its top users, including moderators and those with high karma scores, the chance to buy shares in its IPO. That’s a privilege usually reserved for professional investors who want to buy stock at a theoretically lower price before everyone else gets to purchase…

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