Reddit filed its prospectus for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission, marking a significant step in its multi-year journey in the social media space. The company, deciding to issue shares to trade on Wall Street, has proposed "RDDT" as its stock symbol.

Reddit has reported net losses since its inception. The company recorded net losses of $90.8 million for the year ending December 31, 2023, compared to $158.6 million in the previous year. Its market debut, expected in March, will signify the year's first major tech IPO. This event represents the first public listing among social media companies since Pinterest's entry into the stock market in 2019.

Reddit first submitted a confidential draft of its public offering prospectus to the Securities and Exchange Commission in December 2021. The social media company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, has raised approximately $1.3 billion in funding and is valued at $10 billion.

Publishing giant Condé Nast acquired Reddit in 2006 and later spun it off as an independent company in 2011. As of October, Reddit had 70 million daily active users and over 100,000 active communities or subreddits, according to the company's website. Reddit is one of the most visited websites in the USA, per analytics firm Semrush. However, it has struggled to build an online advertising business comparable to tech giants like Meta, the parent of Facebook, and Alphabet, the parent of Google.