Gm. I thought I’d had good steak before, but I was wrong. Buenos Aires is getting me right man.

— Stephen Flanders

🏠 TECH

Reddit Goes Public

After years and years of anticipation, Reddit has finally filed to go public on the NYSE with the ticker RDDT.

Here’s what we know about the IPO:

• Market debut is expected in March.

• Reddit said they had $804M in annual sales in 2023, up 20% from 2022’s $666.7M.

• They had a net loss of $90.8M in 2023 and a net loss of $158.6M in 2022.

• They have 73 million average daily active users.

• They want to build on their search capabilities (hence, the title of this email), their ad business via the use of AI tools, and their licensing business, for which they have made $203M so far, a number that will surely increase following their $60M AI licensing deal with Google.

• They are reserving shares for 75,000 loyal Redditors.

• Sam Altman is somehow the third largest shareholder at 8.7%.

• They are aiming for a valuation of around $5B.

So, there you have it.

Who’s scooping up some RDDT in March?

The Big Picture: This is the first social media IPO since Pinterest in 2019. It’ll be interesting to see how the market prices a social media behemoth in the AI age.

🤝 THE LATEST IN…

TECH

• SpaceX wants to launch Starship at least nine times this year.

• Bluesky is now open to federation.

• Intel is building some really futuristic chips.

• Don’t worry, Gmail isn’t going anywhere, just it’s basic HTML view.

AI

• Google introduced Gemma, new state-of-the-art open-source models. 

• Don’t get fooled into thinking AI will just augment jobs.

• Enter Stable Diffusion 3.

• There are a lot of things we don’t know about AI.

SCIENCE

• Varda Space nailed their space drug factory re-entering.

• Blue Origin’s New Glenn rocket has finally made an appearance. 

• NASA’s lunar cargo problem has got them into a bit of a quandary.

• Intuitive Machines landed the first US Spacecraft on the moon in more than 50 years.

CRYPTO

• Circle is ending USDC support for Tron amid a compliance push.

• Do Kwon is getting extradited to the US.

• FTX is finally able to sell its stake in Anthropic.

• Where are we in the market cycle?

🏃‍♀️ QUICKIES

Raise: Firefly Bio, a developer of new therapies to fight cancer, emerged from stealth with $94M.

Stat: 265%: How much Nvidia revenue was up in Q4. It’s Nvidia’s world, we’re just living in it.

Rabbit hole: I Ran A Background Check On A Startup (Shikhar Sachdev)

🛠️ FOUNDERS CORNER

The best resources we recently came across that will help you become a better founder, builder, or investor.

💰 Here’s the complete guide to Founder-Led Marketing.

🤖 Vadoo AI is a search widget trained on your videos.

🍿 Awdience supercharges your personal brand on LinkedIn.

🎁 FINAL JEOPARDY!

This Final Jeopardy! question stumped every contestant. Can you get it right?

Category: The Midwest

Clue: At about 90,000 it’s the most populous U.S. city on North America’s biggest lake

💉 DOPAMINE HIT

What a cute puppy.

@benazelart

the future is here… #applevisionpro #visionpro

REACH 40K+ FOUNDERS, INVESTORS & OPERATORS

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FINAL JEOPARDY! ANSWER

Duluth, Minnesota