Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter.

The company plans to price its IPO between $31 to $34 a share, the person said. The Wall Street Journal was first to report on the expected range and valuation.

Reddit filed to go public in February and plans to trade on the New York Stock Exchange under ticker symbol RDDT.

Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook.

In 2021, Reddit filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission.

The company brought in $804 million in annual revenue for 2023, representing a 20% year-over-year increase from $666.7 million, according to its latest IPO prospectus. The company brought in $804 million in annual revenue for 2023, representing a 20% year-over-year increase from $666.7 million. Its net loss narrowed to $90.8 million for 2023 from $158.6 million the year prior.

At the top of the range, OpenAI CEO Sam Altman’s shares in the company would be worth over $400 million. Altman has invested at least $60 million in Reddit shares. Other notable shareholders include Tencent and Advance Magazine Publishers, which is the parent company of Publishing giant Condé Nast.

Condé Nast bought Reddit in 2006 and then spun out the social messaging company in 2011.

Reddit’s upcoming Wall Street debut comes amid a general cool down for IPOs, amid interest rate concerns and global economic uncertainty. When Reddit goes public, it will represent the first major tech IPO of the year and the first social media IPO since Pinterest’s Wall Street debut in 2019.

John Tuttle, the vice-chair of the New York Stock Exchange, said in an interview in January that the IPO market should lift in 2024, stating at the time, “We have a robust pipeline from across sectors and geographies.”

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