Reddit is considering hiring a team of lawyers and investment bankers to go public, Reuters reported.
This comes after the social media message board was a destination point earlier in the year for the rallies around meme stocks like AMC and GameStop, which caused an uproar in the market.
Reddit’s valuation previously reached $10 billion after private fundraising, and by the time an initial public offering (IPO) would be likely to happen next year, the company is hoping it will be worth around $15 billion, according to the report. The timing and size of the IPO would depend on market conditions.
While Reddit’s search for advisers on going public hasn’t been public news before now, company CEO Steve Huffman has said in the past the company is planning to go public and just hasn’t set timetable for it, the report stated.
As of October, the company reported 52 million daily active users and over 100,000 “sub-reddit” communities, according to the report. Much of the money Reddit makes comes through advertising, and the company reported $100 million in advertising revenue in the second quarter.
The company’s biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings, the report stated.
Last month, Reddit’s value reached $10 billion, an increase from the message board’s February valuation of $6 billion. The company’s worth a year earlier was only half of that.
In August, Reddit was seeking to raise around $700 million and had already brought in $410 million from another funding round.
The company’s funding was driven in part by small-time traders, who were at least initially attempting to keep fighting against Wall Street on Reddit’s notorious “WallStreetBets” forum.
In May, WallStreetBets launched a blockchain-powered application to “decentralize indices.”
WallStreetBets Founder Jaime Rogozinski said in a published report at the time: “We know the benefits of blockchain, and we’ve seen it over the years: the transparency, the security of it, the democratization of it.”