Reddit, the 19-year-old media company finally filed for its Initial Public Offering (IPO) with the New York Stock Exchange. The IPO was a success with shares rising as much as 70% on day one of trading, valuing the company at over $9.5 billion. Reddit is the first social media company to go public in over five years. Part of Reddit’s success is its ownership of a plethora of user data which can be used to train AI models, and which it is licensing to AI developers and other AI firms.

Also worthy of mention is the fact that Reddit rewarded its core users by offering them around 1.8 million of its shares. Open AI Sam Altman’s stake in Reddit is reportedly valued around $613 million.