The platform that once crashed the global financial system's microstructure by organizing a short squeeze on GameStop stock reported $663 million in Q1 2026 revenue — a 69 percent year-over-year increase — with a 31 percent net margin. Reddit went public in March 2024 and has since posted seven consecutive quarters of accelerating growth, a trajectory that would be unremarkable for any other technology platform but is remarkable for a company that spent its first fifteen years being described as ungovernable. Reddit's 100,000-plus active subreddits are not a product feature. They are a labor arrangement. Volunteer moderators write the rules, enforce community standards, and curate the content that makes the platform worth visiting. The advertising revenue those moderators indirectly generate goes entirely to Reddit. When the company raised API pricing in 2023, those moderators staged a platform blackout — 48 hours during which major subreddits went dark — that demonstrated exactly how dependent the business is on unpaid labor whose goodwill cannot be taken for granted. Revenue grew from $670 million in 2022 to $804 million in 2023 to $1.3 billion in 2024 to $2.2 billion in 2025. The 2024 data licensing deals with Google and OpenAI added a revenue stream that is structurally different from advertising: it monetizes the archive of human knowledge directly rather than selling attention around it. For AI companies trying to train models on authentic human discourse, Reddit's corpus is irreplaceable. Net income reached $529.7 million on $2.2 billion in 2025 revenue — a margin that suggests Reddit has finally found the financial formula after nearly two decades of operating at losses. CEO Steve Huffman, one of the original co-founders alongside Alexis Ohanian and Aaron Swartz, has been running the company since 2015 with 2,200 employees serving a platform with hundreds of millions of monthly visitors. The ratio of employees to users is one of the most extreme in technology.