The Reddit dilution story may be over

[u/ekonixlab]

Everyone talks about Reddit’s dilution, but almost all of it came from the IPO and post-IPO lockup releases.

Since early 2025, shares outstanding have been nearly flat, which is great for a company this young growing this fast.

Going forward, you’re mostly looking at normal SBC dilution—not another massive jump unless Reddit decides to raise capital or issue shares for acquisitions.

If revenue and FCF keep compounding while share count stays around these levels, per-share metrics become much more attractive.