Reddit files to go public

It's official: Reddit wants to go public, and has filed its IPO prospectus with the SEC.

Why it matters: The company was bought by publishing giant Condé Nast for $10 million in 2006. After well over $1 billion in subsequent new investment, it's hoping for a $15 billion valuation when it goes public, per Reuters.

The big picture: Nearly all of Reddit's social networking competitors are already public.

• While a $15 billion valuation for Reddit would be more than 1,000 times more than the last time the company was sold, it would still be the smallest social networking company. Pinterest is worth $23 billion and Twitter is worth $35 billion, while the $74 billion valuation of Snap is itself just a tiny fraction of the $950 billion boasted by Meta, the parent company of Facebook and Instagram.
• The last big private social-networking company is ByteDance, shares of which have reportedly been changing hands at valuations between $300 billion and $450 billion in recent months.