Reddit is looking for a valuation of as much as $6.5 billion in its upcoming IPO, in accordance with an individual acquainted with the matter.

The firm plans to cost its IPO between $31 to $34 a share, the individual stated. The Wall Street Journal was first to report on the anticipated vary and valuation.

Reddit filed to go public in February and plans to commerce on the New York Stock Exchange beneath ticker image RDDT.

Employees shall be allowed to promote Reddit inventory through the providing, the supply added. Reddit had a personal market valuation of $10 billion when it final raised a funding spherical of $1.3 billion in 2021, in accordance with PitchBook.

In 2021, Reddit filed a confidential draft of its public providing prospectus with the Securities and Exchange Commission in December 2021.

The firm introduced in $804 million in annual income for 2023, representing a 20% year-over-year improve from $666.7 million, in accordance with its newest IPO prospectus. The firm introduced in $804 million in annual income for 2023, representing a 20% year-over-year improve from $666.7 million. Its internet loss narrowed to $90.8 million for 2023 from $158.6 million the 12 months prior.

At the top quality, Sam Altman’s shares within the firm could be price over $400 million. Altman has invested at the least $60 million in Reddit shares.

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