Social media giant Reddit is reportedly testing the IPO waters once again. Bloomberg reported on Monday that Reddit “is holding talks with potential investors for an initial public offering.” The San Francisco-based company, co-founded by Steve Huffman, Aaron Swartz and Alexis Ohanian in 2005, is considering going public as early as the first quarter, sources told Bloomberg.

In December of 2021, Reddit confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public. But those plans never materialized. That move took place just months after Reddit had raked in a hefty $410 million financing led by Fidelity, valuing it at $10 billion. It had plans to close out the round, a Series F, at $700 million at the time.

Then, in January of 2022, Reddit had even gone as far as to tap Morgan Stanley and Goldman Sachs to work on the listing. At the time, it was considering a valuation of as much as $15 billion. It is not known at what valuation it would go public next year if it does go through with the offering. When contacted, a Reddit spokesperson told TechCrunch via email that the company is in a quiet period and cannot comment.

This story was updated post-publication to include a response from Reddit.

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