REDDIT, INC., 10-Q filed on 10/30/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 28, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-41983  
Entity Registrant Name Reddit, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2546501  
Entity Address, Address Line One 303 2nd Street  
Entity Address, Address Line Two South Tower  
Entity Address, Address Line Three 5th Floor  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 415  
Local Phone Number 494-8016  
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol RDDT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period true  
Entity Shell Company false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001713445  
Amendment Flag false  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   119,734,990
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   55,843,275
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 515,895 $ 401,176
Marketable securities 1,229,072 811,946
Accounts receivable, net 283,890 245,279
Prepaid expenses and other current assets 31,974 21,286
Total current assets 2,060,831 1,479,687
Property and equipment, net 13,775 14,946
Operating lease right-of-use assets, net 23,872 24,008
Intangible assets, net 27,904 32,147
Goodwill 42,174 26,299
Other noncurrent assets 3,152 19,380
Total assets 2,171,708 1,596,467
Current liabilities:    
Accounts payable 62,042 46,514
Operating lease liabilities 5,398 3,707
Accrued expenses and other current liabilities 104,844 83,349
Total current liabilities 172,284 133,570
Operating lease liabilities, noncurrent 21,567 22,040
Other noncurrent liabilities 249 287
Total liabilities 194,100 155,897
Commitments and contingencies (Note 10)
Convertible preferred stock, par value $0.0001 per share; no and 86,864,781 shares authorized as of September 30, 2024 and December 31, 2023, respectively; no and 73,021,449 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $0 and $1,847,993 as of September 30, 2024 and December 31, 2023, respectively   1,853,492
Equity [Abstract]    
Preferred stock, par value $0.0001 per share; 100,000,000 and no shares authorized as of September 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 0 0
Additional paid-in capital 3,245,315 302,820
Accumulated other comprehensive income (loss) 4,150 814
Accumulated deficit (1,271,874) (716,562)
Total stockholders’ equity (deficit) 1,977,608 (412,922)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) 2,171,708 1,596,467
Class A common stock    
Equity [Abstract]    
Common stock 12 0
Class B common stock    
Equity [Abstract]    
Common stock 5 6
Class C common stock    
Equity [Abstract]    
Common stock $ 0 $ 0
v3.24.3
Consolidated Balance Sheets (Parentheticals) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Convertible preferred stock, par value (in dollars per share)   $ 0.0001
Convertible preferred stock, shares authorized (in shares)   86,864,781
Convertible preferred stock, shares issued (in shares)   73,021,449
Convertible preferred stock, shares outstanding (in shares)   73,021,449
Convertible preferred stock, aggregate liquidation preference   $ 1,847,993,000
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100,000,000 0
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000 189,000,000
Common stock, shares issued (in shares) 116,913,495 7,099,700
Common stock, shares outstanding (in shares) 116,913,495 7,099,700
Class B common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 140,000,000 142,000,000
Common stock, shares issued (in shares) 57,241,263 53,904,204
Common stock, shares outstanding (in shares) 57,241,263 53,904,204
Class C common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 100,000,000 0
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.24.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 348,351 $ 207,508 $ 872,498 $ 554,279
Costs and expenses:        
Cost of revenue 34,633 26,395 91,750 82,094
Research and development 166,701 108,285 746,508 326,778
Sales and marketing 74,510 55,114 270,063 172,250
General and administrative 65,653 37,299 377,617 116,333
Total costs and expenses 341,497 227,093 1,485,938 697,455
Income (loss) from operations 6,854 (19,585) (613,440) (143,176)
Other income (expense), net 22,968 12,647 58,246 36,677
Income (loss) before income taxes 29,822 (6,938) (555,194) (106,499)
Income tax expense (benefit) (31) 445 118 2,859
Net income (loss) $ 29,853 $ (7,383) $ (555,312) $ (109,358)
Net income (loss) per share attributable to Class A and Class B common stock (Note 4)        
Basic (in dollars per share) $ 0.18 $ (0.13) $ (4.12) $ (1.87)
Diluted (in dollars per share) $ 0.16 $ (0.13) $ (4.12) $ (1.87)
Weighted-average shares of Class A and Class B common stock used to compute net income (loss) per share attributable to common stockholders        
Basic (in shares) 169,169,922 58,855,589 134,723,892 58,495,544
Diluted (in shares) 192,322,916 58,855,589 134,723,892 58,495,544
v3.24.3
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 29,853 $ (7,383) $ (555,312) $ (109,358)
Other comprehensive income (loss), net of tax:        
Unrealized holding gains (losses) on marketable securities 4,674 265 2,874 2,252
Change in foreign currency translation adjustment 480 0 462 0
Net comprehensive income (loss) $ 35,007 $ (7,118) $ (551,976) $ (107,106)
v3.24.3
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
$ in Thousands
Total
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering
Additional Paid-in Capital
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Class A
Class A
Common Stock
Class A
Common Stock
Conversion of Class B common stock to Class A common stock
Class A
Common Stock
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering
Class A
Additional Paid-in Capital
Class B
Class B
Common Stock
Class B
Common Stock
Conversion of Class B common stock to Class A common stock
Class B
Common Stock
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering
Beginning balance (in shares) at Dec. 31, 2022 73,021,449                            
Beginning balance at Dec. 31, 2022 $ 1,853,492                            
Ending balance (in shares) at Sep. 30, 2023 73,021,449                            
Ending balance at Sep. 30, 2023 $ 1,853,492                            
Beginning balance (in shares) at Dec. 31, 2022               6,381,936         51,410,111    
Beginning balance at Dec. 31, 2022 (379,064)   $ 250,460   $ (3,792) $ (625,738)   $ 0         $ 6    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of stock options, net (in shares)               305,176         107,691    
Issuance of common stock upon exercise of stock options, net 2,585   2,585                        
Issuance of common stock upon settlement of restricted stock units, net (in shares)               221,612              
Issuance of common stock upon settlement of restricted stock units, net (4,229)   (4,229)                        
Stock-based compensation expense 31,975   31,975                        
Vesting of early exercised stock options 603   603                        
Net income (loss) (109,358)         (109,358)                  
Change in other comprehensive income (loss) 2,252       2,252                    
Ending balance (in shares) at Sep. 30, 2023               6,908,724         51,517,802    
Ending balance at Sep. 30, 2023 $ (455,236)   281,394   (1,540) (735,096)   $ 0         $ 6    
Beginning balance (in shares) at Jun. 30, 2023 73,021,449                            
Beginning balance at Jun. 30, 2023 $ 1,853,492                            
Ending balance (in shares) at Sep. 30, 2023 73,021,449                            
Ending balance at Sep. 30, 2023 $ 1,853,492                            
Beginning balance (in shares) at Jun. 30, 2023               6,813,418         51,494,951    
Beginning balance at Jun. 30, 2023 (458,426)   271,086   (1,805) (727,713)   $ 0         $ 6    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of stock options, net (in shares)               95,306         22,851    
Issuance of common stock upon exercise of stock options, net 794   794                        
Stock-based compensation expense 9,392   9,392                        
Vesting of early exercised stock options 122   122                        
Net income (loss) (7,383)         (7,383)                  
Change in other comprehensive income (loss) 265       265                    
Ending balance (in shares) at Sep. 30, 2023               6,908,724         51,517,802    
Ending balance at Sep. 30, 2023 $ (455,236)   281,394   (1,540) (735,096)   $ 0         $ 6    
Beginning balance (in shares) at Dec. 31, 2023 73,021,449                            
Beginning balance at Dec. 31, 2023 $ 1,853,492                            
Total Convertible Preferred Stock                              
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) (73,021,449)                            
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ (1,853,492)                            
Beginning balance (in shares) at Dec. 31, 2023             7,099,700 7,099,700       53,904,204 53,904,204    
Beginning balance at Dec. 31, 2023 $ (412,922)   302,820   814 (716,562)   $ 0         $ 6    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of stock options, net (in shares) 11,047,254             7,978,918         3,068,105    
Issuance of common stock upon exercise of stock options, net $ 62,933   62,933                        
Issuance of common stock upon settlement of restricted stock units, net (in shares)               9,328,868         985,166    
Issuance of common stock upon settlement of restricted stock units, net (269,650)   (269,651)         $ 1              
Conversion of stock (in shares)                 68,633,644 5,104,017       (68,633,644) 67,917,432
Conversion of stock 0 $ 1,853,494   $ 1,853,486         $ 8 $ 1       $ (8) $ 7
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs (in shares)               18,576,527              
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs 576,268   576,266         $ 2              
Issuance of Class A common stock in connection with acquisitions (in shares)               191,821              
Issuance of Class A common stock in connection with acquisitions 2,786                   $ 2,786        
Stock-based compensation expense 716,532   716,532                        
Vesting of early exercised stock options 143   143                        
Net income (loss) (555,312)         (555,312)                  
Change in other comprehensive income (loss) 3,336       3,336                    
Ending balance (in shares) at Sep. 30, 2024             116,913,495 116,913,495       57,241,263 57,241,263    
Ending balance at Sep. 30, 2024 $ 1,977,608   3,245,315   4,150 (1,271,874)   $ 12         $ 5    
Beginning balance (in shares) at Jun. 30, 2024 0                            
Beginning balance at Jun. 30, 2024 $ 0                            
Beginning balance (in shares) at Jun. 30, 2024               62,479,462         103,154,629    
Beginning balance at Jun. 30, 2024 1,893,835   3,196,549   (1,004) (1,301,727)   $ 6         $ 11    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of stock options, net (in shares)               4,584,780         2,254,457    
Issuance of common stock upon exercise of stock options, net 38,001   38,001                        
Issuance of common stock upon settlement of restricted stock units, net (in shares)               1,165,940         323,669    
Issuance of common stock upon settlement of restricted stock units, net (66,798)   (66,798)                        
Conversion of stock (in shares)                 48,491,492         (48,491,492)  
Conversion of stock 0               $ 6         $ (6)  
Issuance of Class A common stock in connection with acquisitions (in shares)               191,821              
Issuance of Class A common stock in connection with acquisitions 2,786                   $ 2,786        
Stock-based compensation expense 74,758   74,758                        
Vesting of early exercised stock options 19   19                        
Net income (loss) 29,853         29,853                  
Change in other comprehensive income (loss) 5,154       5,154                    
Ending balance (in shares) at Sep. 30, 2024             116,913,495 116,913,495       57,241,263 57,241,263    
Ending balance at Sep. 30, 2024 $ 1,977,608   $ 3,245,315   $ 4,150 $ (1,271,874)   $ 12         $ 5    
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities        
Net income (loss) $ 29,853 $ (7,383) $ (555,312) $ (109,358)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization 3,969 3,288 11,482 9,947
Non-cash operating lease cost 1,453 3,428 4,041 10,112
Amortization of premium (accretion of discount) on marketable securities, net (12,393) (7,613) (31,884) (18,895)
Stock-based compensation expense 74,758 9,392 716,532 31,975
Other adjustments (4,665) 199 (4,039) 365
Changes in operating assets and liabilities:        
Accounts receivable (44,108) (25,630) (38,914) (717)
Prepaid expenses and other assets 8,416 1,273 (11,766) 2,101
Operating lease right-of-use assets and liabilities (1,378) (2,168) (2,688) (5,250)
Accounts payable 442 2,010 16,484 2,393
Accrued expenses and other liabilities 15,275 15,501 28,135 19,646
Net cash provided by (used in) operating activities 71,622 (7,703) 132,071 (57,681)
Cash flows from investing activities        
Purchases of property and equipment (1,353) (3,936) (5,406) (5,122)
Proceeds from sale of cryptocurrency 6,869 0 6,869 0
Purchases of marketable securities (428,225) (313,823) (1,425,737) (928,035)
Maturities of marketable securities 447,302 320,337 1,043,361 955,214
Proceeds from sale of marketable securities 0 0 0 37,538
Cash paid for acquisitions, net of cash acquired (17,137) 0 (17,137) 0
Other investing activities 487 (3) 460 109
Net cash provided by (used in) investing activities 7,943 2,575 (397,590) 59,704
Cash flows from financing activities        
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 0 0 600,022 0
Proceeds from exercise of employee stock options 38,001 794 62,933 2,585
Taxes paid related to net share settlement of restricted stock units (65,800) 0 (268,106) (4,229)
Payments of initial public offering costs (2,162) (38) (8,500) (896)
Payments of deferred consideration and holdbacks for acquisitions (1,661) (979) (6,111) (979)
Net cash provided by (used in) financing activities (31,622) (223) 380,238 (3,519)
Net increase (decrease) in cash, cash equivalents, and restricted cash 47,943 (5,351) 114,719 (1,496)
Cash, cash equivalents, and restricted cash at the beginning of the period 468,002 439,715 401,226 435,860
Cash, cash equivalents, and restricted cash at the end of the period 515,945 434,364 515,945 434,364
Cash and cash equivalents 515,895 434,314 515,895 434,314
Restricted cash 50 50 50 50
Total cash, cash equivalents, and restricted cash 515,945 434,364 515,945 434,364
Supplemental disclosures of cash flow information        
Cash paid for income taxes 1,427 667 4,152 1,519
Supplemental disclosure of noncash financing and investing activities        
Conversion of convertible preferred stock to common stock upon initial public offering 0 0 1,853,492 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering 0 0 23,754 0
Operating lease right-of-use assets recognized in exchange for lease liabilities $ 219 $ 0 $ 3,906 $ 12,014
v3.24.3
Description of Business
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
1. Description of Business
Description of Business
Reddit, Inc. (“Reddit,” “we,” “our,” or “us”) was incorporated in the state of Delaware. Our mission is to bring community, belonging, and empowerment to everyone in the world. We built Reddit with the belief that communities unlock the power of human creativity and create a sense of belonging and empowerment for their members. We believe the world needs community more than ever, and that this represents our greatest opportunity to further enrich the lives of everyone in the world. We are headquartered in San Francisco, California, and have several offices around the world.
v3.24.3
Basis of Presentation and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Accounting Policies
2. Basis of Presentation and Significant Accounting Policies
Basis of Presentation of Unaudited Interim Financial Information
Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial information. Our consolidated financial statements include the accounts of Reddit, Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our final prospectus, dated March 20, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 21, 2024 (the “Prospectus”) in connection with our initial public offering (“IPO”). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in our opinion, all the adjustments of a normal, recurring nature that are necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results expected for the full year or any other period.
Other than described below, there have been no changes to our significant accounting policies described in the “Notes to the Consolidated Financial Statements” included in our audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Prospectus that have had a material impact on our consolidated financial statements and accompanying notes.
Initial Public Offering
On March 20, 2024, our IPO was declared effective and our Class A common stock began trading on the New York Stock Exchange on March 21, 2024. On March 25, 2024, we completed our IPO in which we issued and sold 18,576,527 shares of Class A common stock, including 3,300,000 shares of Class A common stock pursuant to the underwriters’ exercise in full of their over-allotment option, and excluding 6,723,473 shares of Class A common stock sold in the IPO by certain of our existing stockholders, at a public offering price of $34.00 per share. We received net proceeds of $600.0 million after deducting underwriting discounts and commissions of $31.6 million. In connection with the closing of the IPO, all shares of our then-outstanding convertible preferred stock other than Series F-1 preferred stock automatically converted into an aggregate of 67,917,432 shares of Class B common stock and all then-outstanding shares of Series F-1 preferred stock automatically converted into 5,104,017 shares of Class A common stock. Following the IPO, we have three classes of authorized common stock — Class A common stock, Class B common stock, and Class C common stock.
Certain of our restricted stock units granted to employees included both service-based and performance-based vesting conditions (“Double Trigger RSUs”). The performance condition related to these awards was satisfied upon the effectiveness of the IPO. Upon the effectiveness of the IPO, we recognized $534.7 million of stock-based compensation expense. To meet the related tax withholding requirements, we withheld 4,861,113 shares of the 10,502,390 shares of Class A common stock issued and 723,341 shares of the 1,347,456 shares of Class B common stock issued. Based on the IPO public offering price of $34.00 per share, the tax withholding obligation was $189.9 million.
In connection with our IPO, we amended and restated our certificate of incorporation (“Restated Certificate”) which authorized 2,340,000,000 shares of capital stock, consisting of 2,000,000,000 shares of Class A common stock, 140,000,000
shares of Class B common stock, 100,000,000 shares of Class C common stock, and 100,000,000 shares of undesignated preferred stock.
Use of Estimates
The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ materially from those estimates.
Significant estimates relate primarily to determining the fair value of stock-based awards, the fair value of assets and liabilities assumed in business combinations, and the incremental borrowing rate used to determine operating lease right-of-use assets and lease liabilities. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.
Functional Currency
Generally, the U.S. dollar is the functional currency for our subsidiaries, and therefore, foreign currency denominated monetary assets and liabilities are remeasured into U.S. dollars at exchange rates at the balance sheet date and foreign currency denominated non-monetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. Gains or losses from foreign currency remeasurement and settlements are included in other income (expense), net in the consolidated statements of operations. Net foreign exchange gains and losses were not material for the three and nine months ended September 30, 2024 and 2023.
On January 1, 2024, we changed the functional currency of our U.K. subsidiary, Reddit UK Limited, from the U.S. dollar to the British pound. The change in functional currency is due primarily to the increased exposure to the British pound as our future operating cash flows for our U.K. subsidiary are expected to be in British pounds. We translate the financial statements of the U.K. subsidiary to U.S. dollars at exchange rates at the balance sheet date for assets and liabilities and at monthly average exchange rates for revenues and expenses. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). The change in the functional currency of Reddit UK Limited was accounted for prospectively from January 1, 2024 and did not have a material impact on our consolidated financial statements.
Deferred Offering Costs
Prior to our IPO, deferred offering costs, which consist of direct incremental legal, accounting, consulting, and other fees related to the IPO, were capitalized in other noncurrent assets on the consolidated balance sheets. After the IPO, the deferred offering costs were reclassified into additional paid-in capital as an offset against IPO proceeds. Deferred offering costs included in other noncurrent assets were $16.5 million as of December 31, 2023.
Concentration of Credit Risk
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, marketable securities, and accounts receivable. We maintain cash and cash equivalents with several financial institutions. We believe that the financial institutions that hold our cash and cash equivalents are financially sound and, accordingly, minimal credit risks exist with respect to these balances. We maintain investments in U.S. and non-U.S. government securities, investment-grade corporate and government agency securities, certificates of deposit, commercial paper, and money market accounts that carry high credit ratings and accordingly, minimal credit risk exists with respect to these balances.
Emerging Growth Company Status
We are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies.
We have elected to irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, we will comply with new or revised accounting standards at the time when adoption of such standards is required for public companies that are non-emerging growth companies.
We will remain an emerging growth company until the earliest of (i) the last day of the first fiscal year (a) following the fifth anniversary of the completion of our initial public offering, (b) in which our total annual gross revenue is at least $1.235 billion, or (c) when we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (ii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.
Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. All disclosure requirements of this standard are required for entities with a single reportable segment. This standard is effective for us in the annual period beginning January 1, 2024 and interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact the adoption will have on our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 250-60): Accounting for and Disclosure of Crypto Assets, which requires an entity to measure crypto assets at fair value at each reporting period with changes recognized in net income. This standard also requires additional disclosures about the types of crypto assets held by entities and the changes in those holdings. The standard is effective for us beginning January 1, 2025, with early adoption permitted. We do not expect adoption of this standard to have a material impact to our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. This standard also requires certain disaggregated disclosures related to income from continuing operations, income tax expense, and income taxes paid. The standard is effective for us beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact the adoption will have on our consolidated financial statements.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue
The following table represents our revenue disaggregated by source:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(in thousands)
Advertising revenue $315,104 $202,372 $790,911 $541,934 
Other revenue 33,247 5,136 81,587 12,345 
Total revenue $348,351 $207,508 $872,498 $554,279 
The following table represents our revenue disaggregated by geography based on the billing address of the customer:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(in thousands)
United States $287,937 $168,970 $715,809 $446,983 
Rest of world(1)
60,414 38,538 156,689 107,296 
Total revenue $348,351 $207,508 $872,498 $554,279 
______________
(1)Other than the United States, no individual country represented 10% or more of total revenue during the three and nine months ended September 30, 2024 and 2023.
Deferred revenue was $13.0 million and $7.4 million as of September 30, 2024 and December 31, 2023, respectively. For the nine months ended September 30, 2024 and 2023, revenue recognized from the deferred revenue balance at the beginning of each period was $7.1 million and $7.4 million, respectively.
As of September 30, 2024, the aggregate amount of remaining performance obligations in contracts with an original expected duration exceeding one year is $294.8 million. This amount consists primarily of long-term data licensing contracts and excludes deferred revenue related to short-term advertising contracts and Reddit Premium subscriptions. We expect to recognize $30.5 million in the remainder of 2024, $121.1 million in 2025, $116.0 million in 2026, and the remaining thereafter.
v3.24.3
Net Income (Loss) per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) per Share
4. Net Income (Loss) per Share
We compute net income (loss) per share of Class A and Class B common stock using the two-class method required for multiple classes of common stock and participating securities. Prior to the IPO, our participating securities included Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock, as the holders of these series of preferred stock were entitled to receive noncumulative dividends subject to certain requirements at an annual rate of 8% of the respective original issue price then in effect in the event that a dividend was paid on common stock.
In connection with our IPO, our Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, and Series F preferred stock converted on a one-to-one basis into 67,917,432 shares of Class B common stock, and our Series F-1 preferred stock converted on a one-to-one basis into 5,104,017 shares of Class A common stock. These shares are weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO.
The holders of Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock did not have a contractual obligation to share in our losses. As such, our net losses for the three and nine months ended September 30, 2023 were not allocated to these participating securities.
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stock:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
(in thousands, except share and per share data)
Basic net income (loss) per share attributable to common stockholders:
Numerator:
Net income (loss) attributable to common stockholders $16,782 $13,071 $(922)$(6,461)$(214,623)$(340,689)$(13,149)$(96,209)
Denominator:
Basic weighted-average common shares outstanding 95,100,49774,069,4257,346,92351,508,66652,069,65482,654,2387,033,31551,462,229
Basic income (loss) per share attributable to common stockholders:$0.18 $0.18 $(0.13)$(0.13)$(4.12)$(4.12)$(1.87)$(1.87)
Diluted net income (loss) per share attributable to common stockholders:
Numerator:
Net income (loss) attributable to common stockholders$18,356 $11,497 $(922)$(6,461)$(214,623)$(340,689)$(13,149)$(96,209)
Denominator:
Basic weighted-average common shares outstanding95,100,49774,069,4257,346,92351,508,66652,069,65482,654,2387,033,31551,462,229
Weighted-average effect of dilutive potential common stock23,152,994———————
Shares used in computation of diluted net income (loss) per share attributable to common stockholders118,253,49174,069,4257,346,92351,508,66652,069,65482,654,2387,033,31551,462,229
Diluted net income (loss) per share attributable to common stockholders$0.16 $0.16 $(0.13)$(0.13)$(4.12)$(4.12)$(1.87)$(1.87)
The following outstanding potentially dilutive shares, including stock options that have been exercised prior to vesting, were excluded from the computation of diluted net income (loss) per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
Three months ended September 30,Nine months ended September 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
Stock options2,968,360 — 15,457,662 8,104,668 14,503,023 4,155,917 15,457,662 8,104,668 
Unvested RSUs and RSAs197,162 — 16,187,588 4,475,150 13,193,757 635,484 16,187,588 4,475,150 
Preferred shares— — 5,104,017 67,917,432 — — 5,104,017 67,917,432 
3,165,522 — 36,749,267 80,497,250 27,696,780 4,791,401 36,749,267 80,497,250 
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
•Level 1: Quoted market prices in active markets for identical assets or liabilities
•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data
•Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets
We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. There were no transfers between levels during the periods presented.
The following table sets forth our financial assets that are measured at fair value on a recurring basis:
September 30, 2024
Fair value
hierarchy
level		Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
(in thousands)
Cash equivalents:
Money market funds Level 1$426,959 $— $— $426,959 
Commercial paperLevel 27,998 — (1)7,997 
Marketable securities:
U.S. treasury securities Level 1864,618 2,488 (48)867,058 
U.S. agency bonds Level 221,000 9 (3)21,006 
Non-U.S. government securities Level 24,996 — — 4,996 
Corporate bonds Level 2154,038 940 (1)154,977 
Commercial paper Level 2180,731 304 — 181,035 
Total $1,660,340 $3,741 $(53)$1,664,028 
December 31, 2023
Fair value
hierarchy
level		Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
(in thousands)
Cash equivalents:
Money market funds Level 1$345,555 $— $— $345,555 
Commercial paperLevel 29,994 — (9)9,985 
Marketable securities:
U.S. treasury securities Level 1426,734 697 (188)427,243 
U.S. agency bondsLevel 277,535 13 (34)77,514 
Non-U.S. government securitiesLevel 221,723 10 (27)21,706 
Corporate bondsLevel 294,725 310 (81)94,954 
Certificates of depositLevel 22,810 — (1)2,809 
Commercial paperLevel 2187,596 148 (24)187,720 
Total $1,166,672 $1,178 $(364)$1,167,486 
Gross unrealized gains (losses) within accumulated other comprehensive income (loss) were immaterial as of September 30, 2024 and December 31, 2023. There were no impairment charges due to credit losses during the three and nine months ended September 30, 2024 and 2023.
As of September 30, 2024, the amortized cost of marketable securities with maturities less than one year was $1.1 billion. The amortized cost of marketable securities with maturities between one and five years was $165.5 million.
v3.24.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
6. Balance Sheet Components
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
September 30,
2024		December 31,
2023
(in thousands)
Prepaid expenses$19,424 $11,930 
Other receivables 6,533 4,695 
Interest receivable 3,495 3,071 
Other 2,522 1,590 
Total prepaid expenses and other current assets$31,974 $21,286 
Property and Equipment, Net
Property and equipment, net consisted of the following:
September 30,
2024		December 31,
2023
(in thousands)
Computer equipment, furniture, and fixtures$16,380 $14,136 
Leasehold improvements7,647 7,597 
Construction-in-progress 439 — 
Total property and equipment 24,466 21,733 
Less: accumulated depreciation(10,691)(6,787)
Total property and equipment, net $13,775 $14,946 
Depreciation expense was immaterial for the three and nine months ended September 30, 2024 and 2023.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
September 30,
2024		December 31,
2023
(in thousands)
Accrued compensation and benefits$59,667 $37,964 
Deferred revenue12,879 7,250 
Accrued expenses17,259 26,740 
Revenue share payable and other2,499 2,549 
Holdback liability from acquisitions— 6,111 
Other12,540 2,735 
Total accrued expenses and other current liabilities$104,844 $83,349 
v3.24.3
Acquisitions
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions
7. Acquisitions
On July 15, 2024, we completed an acquisition to enhance our technology and workforce. The aggregate purchase consideration was $19.9 million, which consisted of $17.1 million of cash consideration and $2.8 million related to the fair value of equity consideration. Additional consideration with a fair value of $10.7 million was determined to relate to post-combination expenses, primarily stock-based compensation for future employment services.
Of the aggregate purchase consideration, $4.3 million was allocated to developed technology with a useful life of three years, $15.9 million was allocated to goodwill, and the remainder was allocated to other assets acquired and liabilities assumed. The goodwill amount represents synergies from utilizing the acquired technology across our business and from the assembled workforce. Goodwill recorded in connection with the acquisition is not deductible for income tax purposes.
The fair values assigned to assets acquired and liabilities assumed are based on management’s estimates and assumptions and may be subject to change as additional information is received and valuation assessments are finalized. We expect to finalize the purchase accounting within the one-year measurement period.
v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
8. Goodwill and Intangible Assets
Goodwill
The change in the carrying amount of goodwill during the nine months ended September 30, 2024 was as follows:
(in thousands)
Balance as of December 31, 2023$26,299 
Goodwill acquired15,875 
Balance as of September 30, 2024$42,174 
Acquired Intangible Assets
Acquired intangible assets consisted of the following:
September 30, 2024
Gross carrying
value		Accumulated
amortization		Net carrying
value		Weighted-average remaining useful life (years)
(in thousands, except year data)
Developed technology$47,460 $19,572 $27,888 2.8
Other intangible assets600 600 — — 
Total acquired intangible assets$48,060 $20,172 $27,888 
December 31, 2023
Gross carrying
value		Accumulated
amortization		Net carrying
value		Weighted-average remaining useful life (years)
(in thousands, except year data)
Developed technology$43,160 $12,973 $30,187 3.6
Other intangible assets600 467 133 0.3
Total acquired intangible assets$43,760 $13,440 $30,320 
Amortization expense was immaterial for the three months ended September 30, 2024 and 2023 and $6.7 million and $6.8 million for the nine months ended September 30, 2024 and 2023, respectively.
Cryptocurrency
During the three months ended September 30, 2024, we sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and Ether. The net carrying value of our cryptocurrencies, as well as the gain recognized on sale, was immaterial for the periods presented.
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt
9. Debt
Revolving Line of Credit
On October 8, 2021, we entered into a five-year, $750.0 million, revolving loan and standby letter of credit facility agreement (“Revolving Credit Facility”) of which $100.0 million can be issued as letters of credit. As of September 30, 2024, we have issued two letters of credit, one of which is denominated in a foreign currency, for an aggregate of $5.0 million, which reduced the letter of credit borrowings available under the Revolving Credit Facility to $95.0 million. The aggregate available balance under the Revolving Credit Facility was $745.0 million as of September 30, 2024.
On May 23, 2023, we amended the terms of the Revolving Credit Facility to replace LIBOR with Term SOFR as the interest rate benchmark. Under the amended terms of the Revolving Credit Facility, borrowings can be either ABR Loans, Term Benchmark Loans, or SONIA Loans. Outstanding ABR Loans bear interest at a rate equal to the greatest of (A) the Prime Rate, (B) the NYFRB Rate plus 0.5%, (C) the Adjusted Term SOFR Rate plus 1.0%, or (D) 1.0% (each as defined in the amended Revolving Credit Facility), in each case plus 0.25%. Outstanding Term Benchmark Loans bear interest at the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, or the Adjusted AUD Rate (each as defined in the amended Revolving Credit Facility), as applicable, in each case, plus 1.25%. Outstanding SONIA Loans bear interest at a rate equal to the Adjusted Daily Simple SONIA (as such term is defined in the amended Revolving Credit Facility) plus 1.25%. We are required to pay a quarterly commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the credit facility.
The Revolving Credit Facility contains customary conditions on our borrowing, including events of default and covenants. Covenants include restrictions on our and certain of our subsidiaries’ ability to incur indebtedness, grant liens, make distributions to holders of our preferred and common stock, make investments, or engage in transactions with our affiliates, and require us to maintain a minimum liquidity. The obligations under the Revolving Credit Facility are secured by liens on substantially all of our assets, including intellectual property assets. We were in compliance with all covenants as of September 30, 2024.
v3.24.3
Commitment and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
10. Commitments and Contingencies
Purchase Obligations
We enter into contracts with non-cancellable purchase obligations, primarily related to third-party cloud infrastructure agreements under which we are granted access to certain cloud services. During the nine months ended September 30, 2024, there were no material changes outside the normal course of business to the purchase obligations as disclosed in the audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Prospectus.
Legal Matters and Indemnifications
Please refer to the “Notes to the Consolidated Financial Statements” included in the audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Prospectus for details on legal proceedings and indemnifications. There were no material changes to legal matters or indemnifications during the nine months ended September 30, 2024.
v3.24.3
Stockholders' Equity (Deficit)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity (Deficit)
11. Stockholders' Equity (Deficit)
Class A, Class B, and Class C Common Stock
We have three classes of authorized common stock — Class A, Class B, and Class C common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock (i) upon any transfer, except for certain permitted transfers set forth in the Restated Certificate, including transfers to family members, certain trusts for estate planning purposes, entities under common control with or controlled by such holder of our Class B common stock, and with respect to Advance Magazine Publishers Inc., or any Advance Entity (as defined in the Restated Certificate), or (ii) upon the first date on which the aggregate number of outstanding shares of Class B common stock ceases to represent at least 7.5% of the aggregate number of then-outstanding shares of our Class A and Class B common stock. Once converted into Class A common stock, the Class B common stock will not be reissued. In connection with our IPO, the Restated Certificate became effective, which authorized 100,000,000 shares of Class C common stock. Each holder of Class C common stock is entitled to no votes per share.
Preferred Stock
Immediately prior to the completion of our IPO, all of our then-outstanding shares of convertible preferred stock were automatically converted into 5,104,017 and 67,917,432 shares of our Class A and Class B common stock, respectively.
In connection with our IPO, the Restated Certificate became effective, which authorized 100,000,000 shares of undesignated preferred stock. Our board of directors has the discretion to determine the rights, preferences, privileges, and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences, of each series of preferred stock.
Common Stock Reserved for Issuance
In February 2024, our board of directors adopted the 2024 Incentive Award Plan (the “2024 Plan”), which became effective in connection with the IPO. Under the 2024 Plan, 31,747,592 shares of our Class A common stock were reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, RSU awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. The 2024 Plan also includes shares of our Class A common stock that remained available for grant of future awards under our 2017 Equity Incentive and Grant Plan (as amended, the "2017 Plan") at the time the 2024 Plan became effective. Following the effective date of our IPO, the number of shares reserved for issuance under the 2024 Plan will increase by an annual increase on the first day of each fiscal year beginning in 2025 and ending in 2034, equal to the lesser of (A) 5% of the shares of common stock outstanding (on an as converted basis) on the last day of the immediately preceding year and (B) such smaller number of shares of stock as determined by our board of directors; provided, however, that no more than 185,735,952 shares of stock may be issued upon the exercise of incentive stock options.
We have reserved the following shares of common stock, on an as-converted basis, for future issuance:
September 30,
2024		December 31,
2023
Outstanding stock options18,658,940 29,795,909 
Outstanding RSUs13,632,079 27,627,171 
Conversion of outstanding convertible preferred stock— 73,021,449 
Remaining shares reserved for future issuances under the 2017 Plan— 7,919,000 
Remaining shares reserved for future issuances under the 2024 Plan36,444,908 — 
Shares reserved for community impact initiatives and charitable activities1,337,205 1,337,205 
Total shares of common stock reserved70,073,132 139,700,734 
The remaining shares reserved for future issuance under the 2024 Plan relate to Class A common stock.
v3.24.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
12. Stock-Based Compensation
RSUs and RSAs
Our restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) vest based on the terms in the grant agreements and generally vest ratably over one to four years from the vesting commencement date. The following table summarizes the RSU and RSA activity for the nine months ended September 30, 2024:
Service-
based
RSUs		RSAsMarket and Performance-
based
RSUs		Total RSUs and RSAsWeighted-
average grant
date fair
value
Unvested as of December 31, 202325,406,057 87,030 1,393,446 26,886,533 $29.17 
Granted4,815,577 153,648 43,353 5,012,578 $49.80 
Vested
(15,381,261)(43,516)(1,351,867)(16,776,644)$29.41 
Canceled/Forfeited
(1,262,437)— (30,789)(1,293,226)$29.92 
Unvested as of September 30, 202413,577,936 197,162 54,143 13,829,241 $36.29 
As of September 30, 2024, we had RSUs and RSAs outstanding for 13,829,241 common shares, of which 13,193,757 relate to Class A common stock and 635,484 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $328.1 million as of September 30, 2024 and is expected to be recognized over a weighted-average period of 1.55 years.
Stock Options
Stock options vest based on terms in the stock option agreement and generally vest over five years quarterly or four years with 25% of the award vesting one year from the vesting commencement date then ratably over the following three years. The following table summarizes the stock option activity during the nine months ended September 30, 2024:
Outstanding
stock
options		Weighted-
average
exercise
price		Weighted-
average
remaining
contractual
life
(years)		Aggregate
intrinsic
value
(in thousands, except share, per share, and year data)
Balance as of December 31, 202329,795,909 $17.83 6.00$500,472 
Exercised
(11,047,254)5.70 
Canceled/Forfeited
(89,715)8.87 
Balance as of September 30, 202418,658,940 $25.06 6.17$798,086 
Vested as of September 30, 202410,950,664 $11.31 4.04$603 
Vested and expected to vest as of September 30, 202418,658,940 $25.06 6.17$798,086 
As of September 30, 2024 we had outstanding stock options for 18,658,940 common shares, of which 14,503,023 relate to Class A common stock and 4,155,917 relate to Class B common stock. Total unrecognized stock-based compensation expense related to stock options was $119.9 million as of September 30, 2024 and is expected to be recognized over a weighted-average period of 4.18 years.
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations for all periods presented:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(in thousands)
Cost of revenue$70 $19 $389 $82 
Research and development41,343 5,157 387,801 18,407 
Sales and marketing7,451 1,249 75,116 4,335 
General and administrative25,894 2,967 253,226 9,151 
Stock-based compensation expense
$74,758 $9,392 $716,532 $31,975 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
13. Income Taxes
Our provision for income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, we update the estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, we make a cumulative adjustment in such period. For the three and nine months ended September 30, 2024 and 2023, income tax expense (benefit) was immaterial. We continue to maintain a full valuation allowance on our remaining federal and state deferred tax assets.
v3.24.3
Related Parties and Related-Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Parties and Related-Party Transactions
14. Related Parties and Related-Party Transactions
Advance Magazine Publishers Inc.
As of September 30, 2024, Advance Magazine Publishers Inc. (“Advance”) held approximately 24% of our outstanding shares of Class A and Class B common stock and is a related party to Reddit as Advance holds more than 10% of the voting power of our outstanding Class A and Class B common stock. Moreover, pursuant to the terms of the Restated Certificate and that certain Governance Agreement, dated as of March 19, 2024, by and among us, Steve Huffman, our Chief Executive Officer and a member of our board of directors, and Advance, Advance has the right to designate two directors for inclusion in the slate of nominees for election as directors at an annual or special meeting of stockholders, to designate one nonvoting observer to the board of directors, and to have one of its designees sit on each committee of the board of directors (other than the audit committee), subject to certain limitations set forth in the Restated Certificate. Additionally, the affirmative vote or written consent of Advance will be required for us to take certain corporate actions. These rights will continue until the first to occur of the following events: (i) a change of control of Advance or Reddit; (ii) Advance and its permitted transferees cease to, in the aggregate, beneficially own at least 5% of the aggregate of the then-outstanding shares of our Class A and Class B common stock; and (iii) (a) Advance and its permitted transferees cease to, in the aggregate, beneficially own at least 50% of the number of outstanding shares of our equity securities held by Advance upon the closing of our IPO, and (b) the then-outstanding shares of our Class B common stock, in the aggregate, represents less than 7.5% of the aggregate of the then-outstanding shares of our Class A and Class B common stock.
We currently sublease office space in New York and Chicago from Advance. Total lease costs and other related expenses for our subleases were immaterial for the three and nine months ended September 30, 2024 and 2023.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 29,853 $ (7,383) $ (555,312) $ (109,358)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation of Unaudited Interim Financial Information
Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial information. Our consolidated financial statements include the accounts of Reddit, Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our final prospectus, dated March 20, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 21, 2024 (the “Prospectus”) in connection with our initial public offering (“IPO”). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in our opinion, all the adjustments of a normal, recurring nature that are necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results expected for the full year or any other period.
Basis of Presentation of Unaudited Interim Financial Information
Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial information. Our consolidated financial statements include the accounts of Reddit, Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our final prospectus, dated March 20, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 21, 2024 (the “Prospectus”) in connection with our initial public offering (“IPO”). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in our opinion, all the adjustments of a normal, recurring nature that are necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results expected for the full year or any other period.
Use of Estimates
The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ materially from those estimates.
Significant estimates relate primarily to determining the fair value of stock-based awards, the fair value of assets and liabilities assumed in business combinations, and the incremental borrowing rate used to determine operating lease right-of-use assets and lease liabilities. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.
Functional Currency
Generally, the U.S. dollar is the functional currency for our subsidiaries, and therefore, foreign currency denominated monetary assets and liabilities are remeasured into U.S. dollars at exchange rates at the balance sheet date and foreign currency denominated non-monetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. Gains or losses from foreign currency remeasurement and settlements are included in other income (expense), net in the consolidated statements of operations. Net foreign exchange gains and losses were not material for the three and nine months ended September 30, 2024 and 2023.
On January 1, 2024, we changed the functional currency of our U.K. subsidiary, Reddit UK Limited, from the U.S. dollar to the British pound. The change in functional currency is due primarily to the increased exposure to the British pound as our future operating cash flows for our U.K. subsidiary are expected to be in British pounds. We translate the financial statements of the U.K. subsidiary to U.S. dollars at exchange rates at the balance sheet date for assets and liabilities and at monthly average exchange rates for revenues and expenses. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). The change in the functional currency of Reddit UK Limited was accounted for prospectively from January 1, 2024 and did not have a material impact on our consolidated financial statements.
Deferred Offering Costs Prior to our IPO, deferred offering costs, which consist of direct incremental legal, accounting, consulting, and other fees related to the IPO, were capitalized in other noncurrent assets on the consolidated balance sheets. After the IPO, the deferred offering costs were reclassified into additional paid-in capital as an offset against IPO proceeds.
Concentration of Credit Risk
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, marketable securities, and accounts receivable. We maintain cash and cash equivalents with several financial institutions. We believe that the financial institutions that hold our cash and cash equivalents are financially sound and, accordingly, minimal credit risks exist with respect to these balances. We maintain investments in U.S. and non-U.S. government securities, investment-grade corporate and government agency securities, certificates of deposit, commercial paper, and money market accounts that carry high credit ratings and accordingly, minimal credit risk exists with respect to these balances.
Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. All disclosure requirements of this standard are required for entities with a single reportable segment. This standard is effective for us in the annual period beginning January 1, 2024 and interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact the adoption will have on our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 250-60): Accounting for and Disclosure of Crypto Assets, which requires an entity to measure crypto assets at fair value at each reporting period with changes recognized in net income. This standard also requires additional disclosures about the types of crypto assets held by entities and the changes in those holdings. The standard is effective for us beginning January 1, 2025, with early adoption permitted. We do not expect adoption of this standard to have a material impact to our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. This standard also requires certain disaggregated disclosures related to income from continuing operations, income tax expense, and income taxes paid. The standard is effective for us beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact the adoption will have on our consolidated financial statements.
Net Income (Loss) per Share
We compute net income (loss) per share of Class A and Class B common stock using the two-class method required for multiple classes of common stock and participating securities. Prior to the IPO, our participating securities included Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock, as the holders of these series of preferred stock were entitled to receive noncumulative dividends subject to certain requirements at an annual rate of 8% of the respective original issue price then in effect in the event that a dividend was paid on common stock.
In connection with our IPO, our Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, and Series F preferred stock converted on a one-to-one basis into 67,917,432 shares of Class B common stock, and our Series F-1 preferred stock converted on a one-to-one basis into 5,104,017 shares of Class A common stock. These shares are weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO.
The holders of Series A, Series A-1, Series B, Series C, Series D, Series D-1, Series E, Series F, and Series F-1 convertible preferred stock did not have a contractual obligation to share in our losses. As such, our net losses for the three and nine months ended September 30, 2023 were not allocated to these participating securities.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
•Level 1: Quoted market prices in active markets for identical assets or liabilities
•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data
•Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets
We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. There were no transfers between levels during the periods presented.
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents our revenue disaggregated by source:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(in thousands)
Advertising revenue $315,104 $202,372 $790,911 $541,934 
Other revenue 33,247 5,136 81,587 12,345 
Total revenue $348,351 $207,508 $872,498 $554,279 
The following table represents our revenue disaggregated by geography based on the billing address of the customer:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(in thousands)
United States $287,937 $168,970 $715,809 $446,983 
Rest of world(1)
60,414 38,538 156,689 107,296 
Total revenue $348,351 $207,508 $872,498 $554,279 
______________
(1)Other than the United States, no individual country represented 10% or more of total revenue during the three and nine months ended September 30, 2024 and 2023.
v3.24.3
Net Income (Loss) per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stock
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stock:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
(in thousands, except share and per share data)
Basic net income (loss) per share attributable to common stockholders:
Numerator:
Net income (loss) attributable to common stockholders $16,782 $13,071 $(922)$(6,461)$(214,623)$(340,689)$(13,149)$(96,209)
Denominator:
Basic weighted-average common shares outstanding 95,100,49774,069,4257,346,92351,508,66652,069,65482,654,2387,033,31551,462,229
Basic income (loss) per share attributable to common stockholders:$0.18 $0.18 $(0.13)$(0.13)$(4.12)$(4.12)$(1.87)$(1.87)
Diluted net income (loss) per share attributable to common stockholders:
Numerator:
Net income (loss) attributable to common stockholders$18,356 $11,497 $(922)$(6,461)$(214,623)$(340,689)$(13,149)$(96,209)
Denominator:
Basic weighted-average common shares outstanding95,100,49774,069,4257,346,92351,508,66652,069,65482,654,2387,033,31551,462,229
Weighted-average effect of dilutive potential common stock23,152,994———————
Shares used in computation of diluted net income (loss) per share attributable to common stockholders118,253,49174,069,4257,346,92351,508,66652,069,65482,654,2387,033,31551,462,229
Diluted net income (loss) per share attributable to common stockholders$0.16 $0.16 $(0.13)$(0.13)$(4.12)$(4.12)$(1.87)$(1.87)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) per Share Attributable to Common Stock
The following outstanding potentially dilutive shares, including stock options that have been exercised prior to vesting, were excluded from the computation of diluted net income (loss) per share attributable to common stock for the periods presented because the impact of including them would have been anti-dilutive.
Three months ended September 30,Nine months ended September 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
Stock options2,968,360 — 15,457,662 8,104,668 14,503,023 4,155,917 15,457,662 8,104,668 
Unvested RSUs and RSAs197,162 — 16,187,588 4,475,150 13,193,757 635,484 16,187,588 4,475,150 
Preferred shares— — 5,104,017 67,917,432 — — 5,104,017 67,917,432 
3,165,522 — 36,749,267 80,497,250 27,696,780 4,791,401 36,749,267 80,497,250 
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
The following table sets forth our financial assets that are measured at fair value on a recurring basis:
September 30, 2024
Fair value
hierarchy
level		Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
(in thousands)
Cash equivalents:
Money market funds Level 1$426,959 $— $— $426,959 
Commercial paperLevel 27,998 — (1)7,997 
Marketable securities:
U.S. treasury securities Level 1864,618 2,488 (48)867,058 
U.S. agency bonds Level 221,000 9 (3)21,006 
Non-U.S. government securities Level 24,996 — — 4,996 
Corporate bonds Level 2154,038 940 (1)154,977 
Commercial paper Level 2180,731 304 — 181,035 
Total $1,660,340 $3,741 $(53)$1,664,028 
December 31, 2023
Fair value
hierarchy
level		Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
(in thousands)
Cash equivalents:
Money market funds Level 1$345,555 $— $— $345,555 
Commercial paperLevel 29,994 — (9)9,985 
Marketable securities:
U.S. treasury securities Level 1426,734 697 (188)427,243 
U.S. agency bondsLevel 277,535 13 (34)77,514 
Non-U.S. government securitiesLevel 221,723 10 (27)21,706 
Corporate bondsLevel 294,725 310 (81)94,954 
Certificates of depositLevel 22,810 — (1)2,809 
Commercial paperLevel 2187,596 148 (24)187,720 
Total $1,166,672 $1,178 $(364)$1,167,486 
v3.24.3
Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
September 30,
2024		December 31,
2023
(in thousands)
Prepaid expenses$19,424 $11,930 
Other receivables 6,533 4,695 
Interest receivable 3,495 3,071 
Other 2,522 1,590 
Total prepaid expenses and other current assets$31,974 $21,286 
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following:
September 30,
2024		December 31,
2023
(in thousands)
Computer equipment, furniture, and fixtures$16,380 $14,136 
Leasehold improvements7,647 7,597 
Construction-in-progress 439 — 
Total property and equipment 24,466 21,733 
Less: accumulated depreciation(10,691)(6,787)
Total property and equipment, net $13,775 $14,946 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
September 30,
2024		December 31,
2023
(in thousands)
Accrued compensation and benefits$59,667 $37,964 
Deferred revenue12,879 7,250 
Accrued expenses17,259 26,740 
Revenue share payable and other2,499 2,549 
Holdback liability from acquisitions— 6,111 
Other12,540 2,735 
Total accrued expenses and other current liabilities$104,844 $83,349 
v3.24.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in the carrying amount of goodwill during the nine months ended September 30, 2024 was as follows:
(in thousands)
Balance as of December 31, 2023$26,299 
Goodwill acquired15,875 
Balance as of September 30, 2024$42,174 
Schedule of Acquired Intangible Assets
Acquired intangible assets consisted of the following:
September 30, 2024
Gross carrying
value		Accumulated
amortization		Net carrying
value		Weighted-average remaining useful life (years)
(in thousands, except year data)
Developed technology$47,460 $19,572 $27,888 2.8
Other intangible assets600 600 — — 
Total acquired intangible assets$48,060 $20,172 $27,888 
December 31, 2023
Gross carrying
value		Accumulated
amortization		Net carrying
value		Weighted-average remaining useful life (years)
(in thousands, except year data)
Developed technology$43,160 $12,973 $30,187 3.6
Other intangible assets600 467 133 0.3
Total acquired intangible assets$43,760 $13,440 $30,320 
v3.24.3
Stockholders' Equity (Deficit) (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Stock Reserved for Future Issuance
We have reserved the following shares of common stock, on an as-converted basis, for future issuance:
September 30,
2024		December 31,
2023
Outstanding stock options18,658,940 29,795,909 
Outstanding RSUs13,632,079 27,627,171 
Conversion of outstanding convertible preferred stock— 73,021,449 
Remaining shares reserved for future issuances under the 2017 Plan— 7,919,000 
Remaining shares reserved for future issuances under the 2024 Plan36,444,908 — 
Shares reserved for community impact initiatives and charitable activities1,337,205 1,337,205 
Total shares of common stock reserved70,073,132 139,700,734 
v3.24.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of RSU and RSA Activity The following table summarizes the RSU and RSA activity for the nine months ended September 30, 2024:
Service-
based
RSUs		RSAsMarket and Performance-
based
RSUs		Total RSUs and RSAsWeighted-
average grant
date fair
value
Unvested as of December 31, 202325,406,057 87,030 1,393,446 26,886,533 $29.17 
Granted4,815,577 153,648 43,353 5,012,578 $49.80 
Vested
(15,381,261)(43,516)(1,351,867)(16,776,644)$29.41 
Canceled/Forfeited
(1,262,437)— (30,789)(1,293,226)$29.92 
Unvested as of September 30, 202413,577,936 197,162 54,143 13,829,241 $36.29 
Summary of Stock Option Activity The following table summarizes the stock option activity during the nine months ended September 30, 2024:
Outstanding
stock
options		Weighted-
average
exercise
price		Weighted-
average
remaining
contractual
life
(years)		Aggregate
intrinsic
value
(in thousands, except share, per share, and year data)
Balance as of December 31, 202329,795,909 $17.83 6.00$500,472 
Exercised
(11,047,254)5.70 
Canceled/Forfeited
(89,715)8.87 
Balance as of September 30, 202418,658,940 $25.06 6.17$798,086 
Vested as of September 30, 202410,950,664 $11.31 4.04$603 
Vested and expected to vest as of September 30, 202418,658,940 $25.06 6.17$798,086 
Summary of Components of Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations for all periods presented:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(in thousands)
Cost of revenue$70 $19 $389 $82 
Research and development41,343 5,157 387,801 18,407 
Sales and marketing7,451 1,249 75,116 4,335 
General and administrative25,894 2,967 253,226 9,151 
Stock-based compensation expense
$74,758 $9,392 $716,532 $31,975 
v3.24.3
Basis of Presentation and Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 25, 2024
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
class
shares
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
class
shares
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
shares
Class of Stock [Line Items]            
Proceeds from IPO | $ $ 600,000 $ 0 $ 0 $ 600,022 $ 0  
Underwriting discounts and commissions | $ 31,600          
Classes of common stock | class   3   3    
Stock-based compensation expense | $ 534,700          
Tax withholding obligation | $ $ 189,900 $ 65,800 $ 0 $ 268,106 $ 4,229  
Total shares authorized (in shares) 2,340,000,000          
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000   100,000,000   0
Deferred offering costs | $           $ 16,500
IPO            
Class of Stock [Line Items]            
Shares issued and sold (in shares) 18,576,527          
Share price (in dollars per share) | $ / shares $ 34.00          
Over-Allotment Option            
Class of Stock [Line Items]            
Shares issued and sold (in shares) 3,300,000          
Stockholders | IPO            
Class of Stock [Line Items]            
Shares issued and sold (in shares) 6,723,473          
Class B common stock            
Class of Stock [Line Items]            
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) 67,917,432          
Shares withheld for tax withholding requirements (in shares) 723,341          
Restricted stock awards (in shares) 1,347,456          
Common stock, shares authorized (in shares) 140,000,000 140,000,000   140,000,000   142,000,000
Class A common stock            
Class of Stock [Line Items]            
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) 5,104,017          
Shares withheld for tax withholding requirements (in shares) 4,861,113          
Restricted stock awards (in shares) 10,502,390          
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000   2,000,000,000   189,000,000
Class C common stock            
Class of Stock [Line Items]            
Common stock, shares authorized (in shares) 100,000,000 100,000,000   100,000,000   0
v3.24.3
Revenue - Disaggregation of Revenue by Source (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 348,351 $ 207,508 $ 872,498 $ 554,279
Advertising revenue        
Disaggregation of Revenue [Line Items]        
Revenue 315,104 202,372 790,911 541,934
Other revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 33,247 $ 5,136 $ 81,587 $ 12,345
v3.24.3
Revenue - Disaggregation of Revenue by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 348,351 $ 207,508 $ 872,498 $ 554,279
United States        
Disaggregation of Revenue [Line Items]        
Revenue $ 287,937 $ 168,970 $ 715,809 $ 446,983
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk        
Disaggregation of Revenue [Line Items]        
Concentration risk, percentage (more than) 10.00% 10.00% 10.00% 10.00%
Rest of world        
Disaggregation of Revenue [Line Items]        
Revenue $ 60,414 $ 38,538 $ 156,689 $ 107,296
v3.24.3
Revenue - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Deferred revenue $ 13.0   $ 7.4
Revenue recognized from deferred revenue balance in prior periods 7.1 $ 7.4  
Aggregate amount of remaining performance obligations 294.8    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Aggregate amount of remaining performance obligations $ 30.5    
Expected timing of revenue recognition for remaining performance obligations 3 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Aggregate amount of remaining performance obligations $ 121.1    
Expected timing of revenue recognition for remaining performance obligations 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Aggregate amount of remaining performance obligations $ 116.0    
Expected timing of revenue recognition for remaining performance obligations    
v3.24.3
Net Income (Loss) per Share - Narrative (Details)
 9 Months Ended
Mar. 25, 2024
shares
Sep. 30, 2023
Class of Stock [Line Items]    
Preferred stock, annual dividend rate   8.00%
Conversion ratio 1  
Class B common stock    
Class of Stock [Line Items]    
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) 67,917,432  
Class A common stock    
Class of Stock [Line Items]    
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) 5,104,017  
v3.24.3
Net Income (Loss) per Share - Computation of Net Income (Loss) per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Denominator:        
Basic weighted-average common shares outstanding (in shares) 169,169,922 58,855,589 134,723,892 58,495,544
Basic income (loss) per share attributable to common stockholders: $ 0.18 $ (0.13) $ (4.12) $ (1.87)
Denominator:        
Basic weighted-average common shares outstanding (in shares) 169,169,922 58,855,589 134,723,892 58,495,544
Shares used in computation of diluted net income (loss) per share attributable to common stockholders 192,322,916 58,855,589 134,723,892 58,495,544
Diluted income (loss) per share attributable to common stockholders (in dollars per share) $ 0.16 $ (0.13) $ (4.12) $ (1.87)
Class A        
Numerator:        
Net income (loss) attributable to common stockholders $ 16,782 $ (922) $ (214,623) $ (13,149)
Denominator:        
Basic weighted-average common shares outstanding (in shares) 95,100,497 7,346,923 52,069,654 7,033,315
Basic income (loss) per share attributable to common stockholders: $ 0.18 $ (0.13) $ (4.12) $ (1.87)
Numerator:        
Net income (loss) attributable to common stockholders $ 18,356 $ (922) $ (214,623) $ (13,149)
Denominator:        
Basic weighted-average common shares outstanding (in shares) 95,100,497 7,346,923 52,069,654 7,033,315
Weighted average effect of dilutive potential common stock (in shares) 23,152,994 0 0 0
Shares used in computation of diluted net income (loss) per share attributable to common stockholders 118,253,491 7,346,923 52,069,654 7,033,315
Diluted income (loss) per share attributable to common stockholders (in dollars per share) $ 0.16 $ (0.13) $ (4.12) $ (1.87)
Class B        
Numerator:        
Net income (loss) attributable to common stockholders $ 13,071 $ (6,461) $ (340,689) $ (96,209)
Denominator:        
Basic weighted-average common shares outstanding (in shares) 74,069,425 51,508,666 82,654,238 51,462,229
Basic income (loss) per share attributable to common stockholders: $ 0.18 $ (0.13) $ (4.12) $ (1.87)
Numerator:        
Net income (loss) attributable to common stockholders $ 11,497 $ (6,461) $ (340,689) $ (96,209)
Denominator:        
Basic weighted-average common shares outstanding (in shares) 74,069,425 51,508,666 82,654,238 51,462,229
Weighted average effect of dilutive potential common stock (in shares) 0 0 0 0
Shares used in computation of diluted net income (loss) per share attributable to common stockholders 74,069,425 51,508,666 82,654,238 51,462,229
Diluted income (loss) per share attributable to common stockholders (in dollars per share) $ 0.16 $ (0.13) $ (4.12) $ (1.87)
v3.24.3
Net Income (Loss) per Share - Anti-dilutive Shares Excluded from Computation of Net Income (Loss) per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Class A        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 3,165,522 36,749,267 27,696,780 36,749,267
Class A | Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 2,968,360 15,457,662 14,503,023 15,457,662
Class A | Unvested RSUs and RSAs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 197,162 16,187,588 13,193,757 16,187,588
Class A | Preferred shares        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 0 5,104,017 0 5,104,017
Class B        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 0 80,497,250 4,791,401 80,497,250
Class B | Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 0 8,104,668 4,155,917 8,104,668
Class B | Unvested RSUs and RSAs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 0 4,475,150 635,484 4,475,150
Class B | Preferred shares        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income (loss) per share (in shares) 0 67,917,432 0 67,917,432
v3.24.3
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Marketable securities:    
Gross unrealized gains $ 3,741 $ 1,178
Gross unrealized losses (53) (364)
Total    
Cost or amortized cost 1,660,340 1,166,672
Fair value 1,664,028 1,167,486
Money market funds    
Cash equivalents:    
Cost or amortized cost 426,959 345,555
Commercial paper | Cash equivalents    
Marketable securities:    
Cost or amortized cost 7,998 9,994
Gross unrealized gains 0 0
Gross unrealized losses (1) (9)
Fair value 7,997 9,985
Commercial paper | Marketable securities    
Marketable securities:    
Cost or amortized cost 180,731 187,596
Gross unrealized gains 304 148
Gross unrealized losses 0 (24)
Fair value 181,035 187,720
U.S. treasury securities    
Marketable securities:    
Cost or amortized cost 864,618 426,734
Gross unrealized gains 2,488 697
Gross unrealized losses (48) (188)
Fair value 867,058 427,243
U.S. agency bonds    
Marketable securities:    
Cost or amortized cost 21,000 77,535
Gross unrealized gains 9 13
Gross unrealized losses (3) (34)
Fair value 21,006 77,514
Non-U.S. government securities    
Marketable securities:    
Cost or amortized cost 4,996 21,723
Gross unrealized gains 0 10
Gross unrealized losses 0 (27)
Fair value 4,996 21,706
Corporate bonds    
Marketable securities:    
Cost or amortized cost 154,038 94,725
Gross unrealized gains 940 310
Gross unrealized losses (1) (81)
Fair value $ 154,977 94,954
Certificates of deposit    
Marketable securities:    
Cost or amortized cost   2,810
Gross unrealized gains   0
Gross unrealized losses   (1)
Fair value   $ 2,809
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value Disclosures [Abstract]        
Impairment charges due to credit losses $ 0 $ 0 $ 0 $ 0
Amortized cost of marketable securities with maturities with less than one year 1,100,000,000   1,100,000,000  
Amortized cost of marketable securities with maturities between one and five years $ 165,500,000   $ 165,500,000  
v3.24.3
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 19,424 $ 11,930
Other receivables 6,533 4,695
Interest receivable 3,495 3,071
Other 2,522 1,590
Total prepaid expenses and other current assets $ 31,974 $ 21,286
v3.24.3
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 24,466 $ 21,733
Less: accumulated depreciation (10,691) (6,787)
Total property and equipment, net 13,775 14,946
Computer equipment, furniture, and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment 16,380 14,136
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 7,647 7,597
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 439 $ 0
v3.24.3
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued compensation and benefits $ 59,667 $ 37,964
Deferred revenue 12,879 7,250
Accrued expenses 17,259 26,740
Revenue share payable and other 2,499 2,549
Holdback liability from acquisitions 0 6,111
Other 12,540 2,735
Total accrued expenses and other current liabilities $ 104,844 $ 83,349
v3.24.3
Acquisitions (Details) - USD ($)
$ in Thousands
Jul. 15, 2024
Sep. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill   $ 42,174 $ 26,299
July 2024 Acquisition      
Business Acquisition [Line Items]      
Aggregate purchase consideration $ 19,900    
Cash consideration 17,100    
Fair value of equity consideration 2,800    
Additional consideration for post-combination expenses 10,700    
Purchase consideration $ 4,300    
Weighted-average remaining useful life (years) 3 years    
Goodwill $ 15,900    
v3.24.3
Goodwill and Intangible Assets - Schedule of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Balance as of December 31, 2023 $ 26,299
Goodwill acquired 15,875
Balance as of September 30, 2024 $ 42,174
v3.24.3
Goodwill and Intangible Assets - Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying value $ 48,060 $ 43,760
Accumulated amortization 20,172 13,440
Net carrying value 27,888 30,320
Developed technology    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 47,460 43,160
Accumulated amortization 19,572 12,973
Net carrying value $ 27,888 $ 30,187
Weighted-average remaining useful life (years) 2 years 9 months 18 days 3 years 7 months 6 days
Other intangible assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying value $ 600 $ 600
Accumulated amortization 600 467
Net carrying value $ 0 $ 133
Weighted-average remaining useful life (years)   3 months 18 days
v3.24.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 0 $ 0 $ 6,700,000 $ 6,800,000
v3.24.3
Debt (Details)
$ in Millions
 9 Months Ended
May 23, 2023
Oct. 08, 2021
USD ($)
Sep. 30, 2024
USD ($)
instrument
Debt Instrument [Line Items]      
Letter of credit outstanding     $ 5.0
Commitment fee percentage     0.15%
Revolving Credit Facility | Revolving Credit Facility and Standby Letter of Credit | Line of Credit      
Debt Instrument [Line Items]      
Debt instrument term   5 years  
Maximum borrowing capacity   $ 750.0  
Available borrowing capacity     $ 745.0
Revolving Credit Facility | Revolving Credit Facility and Standby Letter of Credit Agreement, ABR Loans | Line of Credit      
Debt Instrument [Line Items]      
Interest rate floor (as a percent) 0.010    
Additional basis spread (as a percent) 0.0025    
Revolving Credit Facility | Revolving Credit Facility and Standby Letter of Credit Agreement, ABR Loans | Line of Credit | New York Federal Reserve Bank Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 0.50%    
Revolving Credit Facility | Revolving Credit Facility and Standby Letter of Credit Agreement, ABR Loans | Line of Credit | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 1.00%    
Revolving Credit Facility | Revolving Credit Facility and Standby Letter of Credit Agreement, Outstanding Term Benchmark Loans | Line of Credit      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 1.25%    
Revolving Credit Facility | Revolving Credit Facility and Standby Letter of Credit Agreement, Outstanding SONIA Loans | Line of Credit | Adjusted Daily Simple Sterling Over Night Indexed Average Rate (SONIA)      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 1.25%    
Letter of Credit | Revolving Credit Facility and Standby Letter of Credit | Line of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 100.0  
Debt of debt instruments | instrument     2
Available borrowing capacity     $ 95.0
v3.24.3
Stockholders' Equity (Deficit) - Narrative (Details)
Mar. 25, 2024
vote
shares
Sep. 30, 2024
class
vote
shares
Feb. 29, 2024
shares
Dec. 31, 2023
shares
Class of Stock [Line Items]        
Classes of common stock | class   3    
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000   0
Shares reserved (in shares)   70,073,132   139,700,734
Annual increase in shares under Incentive Plan as a percent of common shares outstanding     0.05  
Maximum shares authorized to be issued upon exercise of stock options (in shares)     185,735,952  
2024 Plan        
Class of Stock [Line Items]        
Shares reserved (in shares)   36,444,908 31,747,592 0
Class A common stock        
Class of Stock [Line Items]        
Number of votes per share | vote   1    
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000   189,000,000
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) 5,104,017      
Class B common stock        
Class of Stock [Line Items]        
Number of votes per share | vote   10    
Conversion ratio   1    
Conversion of common stock, percent held threshold (as a percent)   0.075    
Common stock, shares authorized (in shares) 140,000,000 140,000,000   142,000,000
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) 67,917,432      
Class C common stock        
Class of Stock [Line Items]        
Number of votes per share | vote 0      
Common stock, shares authorized (in shares) 100,000,000 100,000,000   0
v3.24.3
Stockholders' Equity (Deficit) - Stock Reserved for Future Issuance (Details) - shares
Sep. 30, 2024
Feb. 29, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 70,073,132   139,700,734
2017 Plan      
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 0   7,919,000
2024 Plan      
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 36,444,908 31,747,592 0
Community Impact Initiatives And Charitable Activities      
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 1,337,205   1,337,205
Conversion of outstanding convertible preferred stock      
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 0   73,021,449
Outstanding stock options      
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 18,658,940   29,795,909
Outstanding RSUs      
Class of Stock [Line Items]      
Total shares of common stock reserved (in shares) 13,632,079   27,627,171
v3.24.3
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
RSUs and RSAs outstanding (in shares) 13,829,241 26,886,533
Unrecognized stock-based compensation expense related to RSUs and RSAs $ 328.1  
Stock options outstanding (in shares) 18,658,940 29,795,909
Unrecognized stock-based compensation expense related to stock options $ 119.9  
Class A common stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
RSUs and RSAs outstanding (in shares) 13,193,757  
Stock options outstanding (in shares) 14,503,023  
Class B common stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
RSUs and RSAs outstanding (in shares) 635,484  
Stock options outstanding (in shares) 4,155,917  
RSUs and RSAs    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Unrecognized stock-based compensation expense, weighted-average period of recognition 1 year 6 months 18 days  
RSUs and RSAs | Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period for equity based payment awards 1 year  
RSUs and RSAs | Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period for equity based payment awards 4 years  
Stock options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Unrecognized stock-based compensation expense, weighted-average period of recognition 4 years 2 months 4 days  
Stock options | Share-Based Payment Arrangement, Tranche One    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period for equity based payment awards 1 year  
Vesting percentage 25.00%  
Stock options | Share-Based Payment Arrangement, Tranche Two    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period for equity based payment awards 3 years  
Stock options | Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period for equity based payment awards 4 years  
Stock options | Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period for equity based payment awards 5 years  
v3.24.3
Stock-Based Compensation - RSUs and RSAs (Details)
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested, beginning balance (in shares) 26,886,533
Granted (in shares) 5,012,578
Vested (in shares) (16,776,644)
Canceled/Forfeited (in shares) (1,293,226)
Unvested, ending balance (in shares) 13,829,241
Weighted- average grant date fair value  
Unvested, beginning balance (in dollars per share) | $ / shares $ 29.17
Granted (in dollars per share) | $ / shares 49.80
Vested (in dollars per share) | $ / shares 29.41
Canceled/Forfeited (in dollars per share) | $ / shares 29.92
Unvested, ending balance (in dollars per share) | $ / shares $ 36.29
Service- based RSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested, beginning balance (in shares) 25,406,057
Granted (in shares) 4,815,577
Vested (in shares) (15,381,261)
Canceled/Forfeited (in shares) (1,262,437)
Unvested, ending balance (in shares) 13,577,936
RSAs  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested, beginning balance (in shares) 87,030
Granted (in shares) 153,648
Vested (in shares) (43,516)
Canceled/Forfeited (in shares) 0
Unvested, ending balance (in shares) 197,162
Market and Performance- based RSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested, beginning balance (in shares) 1,393,446
Granted (in shares) 43,353
Vested (in shares) (1,351,867)
Canceled/Forfeited (in shares) (30,789)
Unvested, ending balance (in shares) 54,143
v3.24.3
Stock-Based Compensation - Stock Options (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Outstanding stock options    
Beginning balance (in shares) | shares 29,795,909  
Exercised (in shares) | shares (11,047,254)  
Canceled/Forfeited (in shares) | shares (89,715)  
Ending balance (in shares) | shares 18,658,940 29,795,909
Weighted- average exercise price    
Beginning balance (in dollars per share) | $ / shares $ 17.83  
Exercised (in dollars per share) | $ / shares 5.70  
Canceled/Forfeited (in dollars per share) | $ / shares 8.87  
Ending balance (in dollars per share) | $ / shares $ 25.06 $ 17.83
Stock Options Additional Disclosures    
Options vested (in shares) | shares 10,950,664  
Options vested and expected to vest (in shares) | shares 18,658,940  
Options vested, weighted-average exercise price (in dollars per share) | $ / shares $ 11.31  
Options vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares $ 25.06  
Options outstanding, weighted-average remaining contractual life (years) 6 years 2 months 1 day 6 years
Options vested, weighted-average remaining contractual life (years) 4 years 14 days  
Options vested and expected to vest, weighted-average remaining contractual life (years) 6 years 2 months 1 day  
Options outstanding, aggregate intrinsic value | $ $ 798,086 $ 500,472
Options vested, aggregate intrinsic value | $ 603  
Options vested and expected to vest, aggregate intrinsic value | $ $ 798,086  
v3.24.3
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 74,758 $ 9,392 $ 716,532 $ 31,975
Cost of revenue        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 70 19 389 82
Research and development        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 41,343 5,157 387,801 18,407
Sales and marketing        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 7,451 1,249 75,116 4,335
General and administrative        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 25,894 $ 2,967 $ 253,226 $ 9,151
v3.24.3
Related Parties and Related-Party Transactions (Details)
Sep. 30, 2024
director
observer
Advance Magazine Publishers Inc.  
Related Party Transaction [Line Items]  
Number of nominated directors 2
Number of nominated observers | observer 1
Number of directors on each board committee 1
Affirmative vote or written consent of counterparty required maximum ownership threshold 0.05
Affirmative vote or written consent of counterparty required maximum ownership percentage upon closing of the initial public offering 0.50
Percentage of shares owned by related party 0.075
Advance Magazine Publishers Inc. | Reddit, Inc.  
Related Party Transaction [Line Items]  
Percentage of ownership in Reddit 24.00%