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At the low end of this range, $31 billion, though Reddit would be worth $4.93 billion based on an expected 158.98 million shares outstanding. With $804.0 million in 2023 revenue, Reddit is on track to trade for a multiple of 6.9x to 8.0x its revenue, depending on the valuation estimate you want to use. Reddit’s game plan for AI is one good reason why it’s pricing its shares closer to Meta than Snap. Reddit data constantly grows and regenerates as users come and interact with their communities and each other. Investors might consider Reddit a side-bet on AI itself, even if the company’s core business isn’t creating AI models.