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Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”

Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing. The social networking company’s core business is reliant on online advertising sales stemming from its website and mobile app.

The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.

As of the fourth quarter of 2023, Reddit said that its U.S. average revenue per user, or ARPU, was $5.51, which was down from $5.92 from the previous year. The company’s ARPU was $3.42, which was a 2% year-over-year decline from $3.49.

Reddit said that by 2027, the company estimates that its “total addressable market globally from advertising, excluding China and Russia, to be $1.4 trillion.” Currently, Reddit said that advertising market is $1.0 trillion, sans China and Russia.

The company said it is building its “search capabilities,” and that it can “more fully address the $750 billion opportunity in search advertising that S&P Global Market Intelligence estimates the market to be in 2027.”

Reddit also detailed its plans to use artificial intelligence technologies to improve its ad business and expects “to open additional monetization channels for Reddit by providing our users and creators with the requisite tools and incentives to drive continued creation, improvements, and commerce.”

It is also “in the early stages” of developing and monetizing a data-licensing business, in which third-parties would be allowed to “access, search, and analyze data on our platform.”

“In January 2024, we entered into certain data licensing arrangements with an aggregate contract value of $203.0 million and terms ranging from two to three years,” Reddit said, regarding its data-licensing business. “We expect a minimum of $66.4 million of revenue to be recognized during the year ending December 31, 2024 and the remaining thereafter.”

Reddit said that its non-employed moderators known as Redditors will be able to participate in the company’s initial public offering through its “directed share program.” Because of this, Reddit said that it’s possible for “individual investors, retail or otherwise constituting a larger proportion of the investors participating in this offering than is typical for an initial public offering.”

“These factors could cause volatility in the market price of our Class A common stock,” the company said in the filing, adding that it has three classes of authorized common stock, which are Class A common stock, Class B common stock, and Class C common stock.

“The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion rights,” the filing said. “Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to 10 votes and is convertible at any time into one share of Class A common stock. Each share of Class C common stock is entitled to no votes.”

Reddit said it has over 100,000 communities, 73 million average daily active uniques (DAUq) and 267 million average weekly active uniques.

In a section about the company’s risks, Reddit explained how its daily active unique figures “may fluctuate or decrease in one or more markets from time to time due to various factors.”

“For example, although we saw increased growth in our user base during the COVID-19 pandemic, we experienced lower levels of DAUq growth and declining DAUq as the effects of the COVID-19 pandemic subsided,” the filing said. “DAUq has also declined in the past in periods following usage peaks surrounding certain worldwide events, such as the onset of the conflict between Russia and Ukraine in the three months ended March 31, 2022, and cultural trends, including video game releases, such as Elden Ring in the three months ended March 31, 2022, and traffic related to r/wallstreetbets in the three months ended March 31, 2021.”

Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.

Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.

The social media company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, has raised about $1.3 billion in funding and has a post valuation of $10 billion, according to deal-tracking service PitchBook.

Publishing giant Condé Nast bought Reddit in 2006 and then spun it out as an independent company in 2011.

Reddit is one of the most-visited websites in the U.S., according to analytics firm Semrush, but it has struggled to build an online advertising business comparable to tech giants like Facebook-parent Meta and Google-parent Alphabet.

It’s also faced challenges with developers and moderators.

In June, several prominent Reddit moderators locked subreddits as part of a blackout to protest the company’s decision to increase the price third-party developers pay to use its application programming interface, or API. At the time, Reddit said the pricing change was necessary because many big tech companies were using data to train large language models.

This is breaking news. Please check back for updates.

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Google hires Windsurf CEO Varun Mohan, others in latest AI talent deal

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Google hires Windsurf CEO Varun Mohan, others in latest AI talent deal

Chief executive officer of Google Sundar Pichai.

Marek Antoni Iwanczuk | Sopa Images | Lightrocket | Getty Images

Google on Friday made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of artificial intelligence coding startup Windsurf.

As part of the deal, Google will also hire other senior Windsurf research and development employees. Google is not investing in Windsurf, but the search giant will take a nonexclusive license to certain Windsurf technology, according to a person familiar with the matter. Windsurf remains free to license its technology to others.

“We’re excited to welcome some top AI coding talent from Windsurf’s team to Google DeepMind to advance our work in agentic coding,” a Google spokesperson wrote in an email. “We’re excited to continue bringing the benefits of Gemini to software developers everywhere.”

The deal between Google and Windsurf comes after the AI coding startup had been in talks with OpenAI for a $3 billion acquisition deal, CNBC reported in April. OpenAI did not immediately respond to a request for comment.

The move ratchets up the talent war in AI particularly among prominent companies. Meta has made lucrative job offers to several employees at OpenAI in recent weeks. Most notably, the Facebook parent added Scale AI founder Alexandr Wang to lead its AI strategy as part of a $14.3 billion investment into his startup. 

Douglas Chen, another Windsurf co-founder, will be among those joining Google in the deal, Jeff Wang, the startup’s new interim CEO and its head of business for the past two years, wrote in a post on X.

“Most of Windsurf’s world-class team will continue to build the Windsurf product with the goal of maximizing its impact in the enterprise,” Wang wrote.

Windsurf has become more popular this year as an option for so-called vibe coding, which is the process of using new age AI tools to write code. Developers and non-developers have embraced the concept, leading to more revenue for Windsurf and competitors, such as Cursor, which OpenAI also looked at buying. All the interest has led investors to assign higher valuations to the startups.

This isn’t the first time Google has hired select people out of a startup. It did the same with Character.AI last summer. Amazon and Microsoft have also absorbed AI talent in this fashion, with the Adept and Inflection deals, respectively.

Microsoft is pushing an agent mode in its Visual Studio Code editor for vibe coding. In April, Microsoft CEO Satya Nadella said AI is composing as much of 30% of his company’s code.

The Verge reported the Google-Windsurf deal earlier on Friday.

WATCH: Google pushes “AI Mode” on homepage

Google pushes "AI Mode" on homepage

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Nvidia’s Jensen Huang sells more than $36 million in stock, catches Warren Buffett in net worth

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Nvidia's Jensen Huang sells more than  million in stock, catches Warren Buffett in net worth

Jensen Huang, CEO of Nvidia, holds a motherboard as he speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025.

Gonzalo Fuentes | Reuters

Nvidia CEO Jensen Huang unloaded roughly $36.4 million worth of stock in the leading artificial intelligence chipmaker, according to a U.S. Securities and Exchange Commission filing.

The sale, which totals 225,000 shares, comes as part of Huang’s previously adopted plan in March to unload up to 6 million shares of Nvidia through the end of the year. He sold his first batch of stock from the agreement in June, equaling about $15 million.

Last year, the tech executive sold about $700 million worth of shares as part of a prearranged plan. Nvidia stock climbed about 1% Friday.

Huang’s net worth has skyrocketed as investors bet on Nvidia’s AI dominance and graphics processing units powering large language models.

The 62-year-old’s wealth has grown by more than a quarter, or about $29 billion, since the start of 2025 alone, based on Bloomberg’s Billionaires Index. His net worth last stood at $143 billion in the index, putting him neck-and-neck with Berkshire Hathaway‘s Warren Buffett at $144 billion.

Shortly after the market opened Friday, Fortune‘s analysis of net worth had Huang ahead of Buffett, with the Nvidia CEO at $143.7 billion and the Oracle of Omaha at $142.1 billion.

Read more CNBC tech news

The company has also achieved its own notable milestones this year, as it prospers off the AI boom.

On Wednesday, the Santa Clara, California-based chipmaker became the first company to top a $4 trillion market capitalization, beating out both Microsoft and Apple. The chipmaker closed above that milestone Thursday as CNBC reported that the technology titan met with President Donald Trump.

Brooke Seawell, venture partner at New Enterprise Associates, sold about $24 million worth of Nvidia shares, according to an SEC filing. Seawell has been on the company’s board since 1997, according to the company.

Huang still holds more than 858 million shares of Nvidia, both directly and indirectly, in different partnerships and trusts.

WATCH: Nvidia hits $4 trillion in market cap milestone despite curbs on chip exports

Nvidia hits $4 trillion in market cap milestone despite curbs on chip exports

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Tesla to officially launch in India with planned showroom opening

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Tesla to officially launch in India with planned showroom opening

Elon Musk meets with Indian Prime Minister Narendra Modi at Blair House in Washington DC, USA on February 13, 2025.

Anadolu | Anadolu | Getty Images

Tesla will open a showroom in Mumbai, India next week, marking the U.S. electric carmakers first official foray into the country.

The one and a half hour launch event for the Tesla “Experience Center” will take place on July 15 at the Maker Maxity Mall in Bandra Kurla Complex in Mumbai, according to an event invitation seen by CNBC.

Along with the showroom display, which will feature the company’s cars, Tesla is also likely to officially launch direct sales to Indian customers.

The automaker has had its eye on India for a while and now appears to have stepped up efforts to launch locally.

In April, Tesla boss Elon Musk spoke with Indian Prime Minister Narendra Modi to discuss collaboration in areas including technology and innovation. That same month, the EV-maker’s finance chief said the company has been “very careful” in trying to figure out when to enter the market.

Tesla has no manufacturing operations in India, even though the country’s government is likely keen for the company to establish a factory. Instead the cars sold in India will need to be imported from Tesla’s other manufacturing locations in places like Shanghai, China, and Berlin, Germany.

As Tesla begins sales in India, it will come up against challenges from long-time Chinese rival BYD, as well as local player Tata Motors.

One potential challenge for Tesla comes by way of India’s import duties on electric vehicles, which stand at around 70%. India has tried to entice investment in the country by offering companies a reduced duty of 15% if they commit to invest $500 million and set up manufacturing locally.

HD Kumaraswamy, India’s minister for heavy industries, told reporters in June that Tesla is “not interested” in manufacturing in the country, according to a Reuters report.

Tesla is looking to recruit roles in Mumbai, job listings posted on LinkedIn . These include advisors working in showrooms, security, vehicle operators to collect data for its Autopilot feature and service technicians.

There are also roles being advertised in the Indian capital of New Delhi, including for store managers. It’s unclear if Tesla is planning to launch a showroom in the city.

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