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

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

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, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, 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 with a net loss of $158.6 million the year prior.

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 those of tech giants such as Facebook parent Meta  and Google parent Alphabet.

Reddit has more than 100,000 communities, 73 million average daily active uniques, or DAUq, and 267 million average weekly active uniques, according to the filing.

For example, Google on Thursday announced an expanded partnership with Reddit that will give the search giant access to the company’s data to, among other uses, train its AI models. For more on this, read the full CNBC report.

The Hollywood Reporter entertainment news site added that "The filing also includes new details on its ownership, which includes a sizable stake controlled by OpenAI CEO Sam Altman, who controls 8.7 percent of the company's stock, including 4.5 percent of its Class A shares, and 9.3 percent of its Class B shares.

That makes Altman the third-largest shareholder in Reddit, behind only the Newhouse family's Advance, which owns just over 30 percent of the company, and China's Tencent, which owns 11 percent of the company. Both the Newhouse family and Tencent were previously known as major investors in Reddit. Altman was known to be an investor, but the size of his stake was not known.