$5B is definitely a lot more realistic than the $15B valuation they were targeting in 2022, but IMO Reddit is still not a sustainable business as it stands today. So many investors have had their money tied up for over a decade will little to no growth and are going to be scrambling for an exit on IPO day. Revenues are barely growing, losses are increasing. I don't see a rosy future for this stock.

The only thing that really has value at Reddit right now seems to be their giant archive of user generated posts. It is certainly going to be interesting come IPO day.

[dupe]

More discussion on the official S1: https://news.ycombinator.com/item?id=39472782

The S-1 filing: https://www.sec.gov/Archives/edgar/data/1713445/000162828024...

Valuation of $5 billion would buy P/S 6.3 with negative P/E for 18 year old non-innovating company that is already in the second phase of enshittification.

I always thought it would have been neat if the users themselves had pooled resources and bought it up.

It could have been extremely valuable, but at this point management has been clearly outed as having no idea what they are doing.