![]() San Francisco-based Reddit reported $100 million in advertising revenue in the second quarter, an almost threefold jump from the same period last year. The company saw explosive growth as a result of retail investors flocking to its message boards at the start of the year for tips on trading GameStop Corp. Reddit had roughly 52 million daily active users and over 100,000 communities, or "sub-reddits," as of October last year. Robinhood Markets Inc, Coupang Inc, Coinbase Global are some of the companies that launched IPOs in the United States this year. The filing comes as US IPOs touched record highs in 2021, fueled by ample liquidity due to accommodative monetary policies. Reuters reported in September that the company was hoping for a more than $15 billion valuation by the time an IPO takes place. Reddit Inc., known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, said on Wednesday it had confidentially filed for an initial public offering with US securities regulators.įounded in 2005 by Steve Huffman and entrepreneur Alexis Ohanian, Reddit was valued at $10 billion in a private fundraising round earlier this year.
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