Reddit has officially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), revealing its financials and business goals ahead of its initial public offering (IPO). The company plans to list on the New York Stock Exchange under the ticker symbol RDDT.

According to the filing, Reddit generated $804 million in revenue last year, with 98% coming from advertising. However, the company remains unprofitable, reporting a $90.8 million net loss in 2023. The platform currently has 267.5 million weekly active users, more than 100,000 active communities, and over 1 billion posts.

Reddit plans to allow a select number of its top contributors — including moderators and users with high karma — to purchase shares during the IPO. This opportunity is unusual, as early access to IPO shares is normally restricted to institutional investors.

Shares will be distributed through a tiered system, beginning with “certain users and moderators who have made a significant contribution to Reddit’s community programs.” After that, shares will be available to users with at least 2,000 karma points and to moderators who have completed at least 5,000 moderation actions.

The company has also reserved 1.3 million Class A shares to support community-funded projects, helping Redditors bring their ideas to life.

In addition, Reddit plans to further monetize its platform by licensing data for AI training, a business expected to generate up to $60 million annually.

Interestingly, Sam Altman — CEO of OpenAI — has invested over $60 million into Reddit stock, holding 9.2% of total voting power. He first backed Reddit in 2014 and continued investing in 2021.