Reddit, the free online platform, has filed for its first initial public offering (IPO) on the New York Stock Exchange.

While the public filing did not disclose how much it was aiming to raise in its listing, but it did provide details on how the company is performing.

Reddit reported that it’s revenue growth in 2023 was about 21% at $804m (£635.29m), rising from $666.7m (£526.8m) the year prior.

Its net loss narrowed, at $90.8m for the year ending December 31 2023.

The social media site is putting itself to the test as it continues to struggle against major platforms like Facebook and X.

Reddit has on average 73.1m daily active users, with 100,000 active communities in its platform.

In 2021, Reddit was valued at $10 billion (£7.9bn) in a funding rounds, and according to Reuters, the company is expected to seek a sale of nearly 10% of its shares in the IPO.

The IPO listing follows reports that Reddit has entered a deal with Google to make its swath of content available for AI training.

Recommended

• Reddit Blackout: Subreddits Go Dark in Protest of API Policy
• Reddit Announces Restructuring, Meaning More Layoffs
• Reddit Advertising Update to Target Political Ad Transparency

Reddit faced scrutiny last year for beginning to charge users for access to its API, which had previously been open source, enabling  developers, and moderators to use and generate third party applications.

The social media platform defended the move, saying it was to safeguard their public content and code from being scraped to train AI models like ChatGPT and Google’s Gemini.