Founded in 2005, Reddit is a highly popular social network where people share news, updates, ideas, and thoughts about diverse topics. Subreddits exist for users to congregate and ask questions, then get feedback and learn more about fascinating subjects.

Within the past 19 years, Reddit has managed to amass an impressive 850 million users each month. More people are turning to the platform for research purposes, recreational use, and to learn more about issues of interest.

With an exceptional user base and growing popularity over the years, Reddit is subsequently working to take its platform to even higher heights. Just yesterday, the tech company formally submitted its initial public offering (IPO) filing.

What to know about Reddit filing to go public

Steve Huffman, the CEO and co-founder of Reddit, put out a statement accompanying Thursday's IPO. Huffman noted that just as users feel connected and attached to subreddits, the company wants users to have an opportunity for "real ownership" via stock shares.

The greater IPO market has seen a downturn recently, something that Reddit is hoping to change. Filing to appear on the New York Stock Exchange (NYSE) as "RDDT," the company clearly aims for further expansion.

According to Huffman, increasing Reddit's ease of use, speed, moderation capabilities, and navigation rank high on the company's list of strategies. Reddit also remains focused on drawing in as many new users as possible.

Finally, data licensing for AI training purposes, increased e-commerce opportunities, and advertising are other key steps that Reddit will employ to become profitable.

Reddit users react

It hasn't taken long for platform users to weigh in on the company's new IPO filing. In the Fidelity Investments subreddit, one person stated they received a personal invitation to purchase RDDT stock shares.

Other subreddits, including Theory of Reddit, reveal users weighing in on invitations they've acquired and whether or not purchasing RDDT shares will prove to be profitable in the long run.

People who want to buy RDDT shares will have to ascertain whether or not the SEC approves this filing. If Reddit receives the green light, next up is the effective date and the number of RDDT shares available for purchase.

The process of ironing out all these details generally takes about six months.