In August, Fidelity invested $410 million in the company, making it worth $10 billion. The round was supposed to close at $700 million.
The company will get more time to decide when and how to go public after Fidelity invested, according to the company's CEO.
The company said that it had confidentially submitted a draft registration statement to the SEC to go public.
The price range and number of shares that will be offered in the initial public offering of Reddit are not yet determined.
There were signs that the company was ready to go public. Drew Vollero was hired as the first-ever CFO in March.
According to public information, the website has raised over $1 billion in funding.
The content aggregation giant has faced challenges such as trying to police hate speech while presenting itself as a home for communities. The market rallies for companies like AMC and GameStop were helped by a subreddit.
Fears that the community site would befall it's users were raised in 2019. Jon disagreed with the speculation.
The financial success of the company can be attributed to the hype on the internet. In the second quarter, the website broke $100 million in advertising revenue. 50 million daily visitors came to the site in August and 100,000 active subreddits were hosted.
Up to $700M in Series F funding is being raised by the website.
