To The Moon

It sure was an impressive start of trading for Reddit. And for that, you can thank artificial intelligence. Again.The online discussion site went public on Thursday with an offering of 22 million shares at $34 each, including 15.3 million new shares. The rest were sold by existing shareholders.The stock opened for trading at $47 and finished the first day of trading at just over $50, for a gain of 48% relative to the IPO price. On a fully diluted basis, that gives Reddit a valuation of about $9.6 billion, or about 10 times the roughly $1 billion in revenue the company is likely to report for 2024.Reddit posed a test of the stock market's appetite for IPOs, and its impressive debut should crack open the window for offerings a little further. The stock immediately jumped to a premium to more established social media plays.A more nascent business model for Reddit is licensing its vast library of posts for training large language models. He said that Reddit has agreements in place with Goo

Reddit, the popular news aggregation social media site, priced its initial public offering at $34 a share late Wednesday, at the high end of its expected range of between $31 and $34 a share.At that price, Reddit would be valued at $6.4 billion, according to the report. Reddit is raising $519.4 million from the sale of nearly 15.3 million shares. Other Reddit investors are selling an additional 6.7 million shares through the IPO.Investors hope Reddit's IPO could spark a rebound for new stock offerings after down years in 2022 and 2023. Following a record-setting year in 2021 when nearly 400 companies went public in the U.S. and raised $142.4 billion, issuance slowed to 179 companies generating a combined $27.1 billion in the past two years, according to Renaissance Capital.Reddit's IPO comes one day after another unicorn, artificial intelligence infrastructure provider Astera Labs, debuted with a 72% gain in its shares.

NEW YORK, March 17 (Reuters) - Reddit's initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the socia