Reddit is terrible at everything but getting a massive user base in the early 2010s, which it has coasted on since. They could have had a phenomenal IPO in 2021, but with the current market conditions they don’t really have a hook (no AI involvement).

Their best case scenario is really Twitter’s case, where they go public, have middling performance, and then get bought out by a billionaire after annoying them with bad moderation decisions lmao