Reddit announced on Thursday an initial public offering on Thursday. Reddit was founded 2005 by tech founders Alexis Ohanian and Steve Huffman founded the company.

According to PitchBook Reddit has so far raised around 1.3 billion US dollars in funding to date and is targeting a market cap of 10 billion US dollars estimated.

Reddit was founded 2006 by the publishing house Condé Nast before it was 2011 was spun off as an independent company in 2011. Advancethe parent company of Condé Nastnow owns 34% of the voting rights.

The shareholders include Tencent ($TCEHY (-1,01 %) ) and Sam Altman, from OpenAI.