Reddit is going public after a tumultuous year of protests and reinvention, seeking a $6.5 billion valuation after making an AI training data deal with Google.
Reddit is going public, seeking a $6.5 billion valuation after a year of upheaval that gave it more control over what CEO Steve Huffman has called a “vast corpus” of valuable data that can be used to train AI. As an example, Google recently cut a deal with Reddit worth a reported $60 million per year for real-time access to that data. In 2021, Reddit’s first IPO attempt fizzled, but now it’s ready to try again by riding the wave of generative AI hype.
After Reddit changed the terms of agreements for access to its API last year, third-party developers declared the new terms untenable and shut down many apps, sparking massive protests and sweeping changes across some of the site’s largest communities. Reddit has also taken an unusual step by setting aside close to 2 million shares for its moderators and users as part of the deal, even if not everyone has high expectations about the company’s potential.
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