Reddit's IPO balancing act

PLUS: BMW brings 3D printing to the olympics

Welcome, Tech enthusiasts.

After years of speculation, Reddit has finally pulled back the curtain on its hotly-anticipated IPO.

The social media giant is looking to win over Wall Street while staying true to its loyal community — but can it strike the right balance? Let’s explore…

In today’s tech rundown:

  • Reddit unveils IPO details, $6.4B valuation

  • BMW’s 3D-printed spikes heading to Olympics

  • 7 New products

  • ‘Ready Player One’ debuts new metaverse

  • Tesla returns to court over Autopilot

  • X expanding to video streaming

Read time: 3 minutes

TODAY’S HEADLINES

REDDIT

Image source: Reddit

The Rundown: After a bumpy two-year journey, Reddit just unveiled the details of its highly anticipated initial public offering — aiming to raise at a $6.4B valuation while reserving a chunk of shares for its dedicated community.

The details:

  • Reddit and existing shareholders plan to sell 22M shares at $31-$34, with 8% of shares set aside for users, moderators, board members, and friends/family of employees.

  • Reddit's valuation target is far below the $10-15 billion range floated during the IPO frenzy of 2021.

  • Reddit is also banking on new revenue streams like allowing third parties to license its data to train AI models, which has already inked $203M so far.

Why it matters: With one of the most anticipated IPOs of the year, Reddit hopes its passionate (and often revolting) user base can rally alongside Wall Street. But given past drama and profitability concerns, the RDDT launch may be in for a wild ride.

TOGETHER WITH OCTOAI

The Rundown: In the fast-paced world of AI, keeping up with the latest LLM releases is crucial for builders to deliver cutting-edge experiences and minimize costs.

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  • Witness the exponential growth of text-gen models, from 14,000 to 61,000 in just 8 months

  • Discover the rise of Mistral- and Mixtral-based fine-tunes as alternatives to GPT-3.5-Turbo

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Explore the LLM Time Capsule and sign up for OctoAI's GenAI Inference API to try fast and affordable versions of these models for free.

BMW

Image source: BMW

The Rundown: BMW is partnering with the German Bobsleigh, Luge, and Skeleton Federation to design custom 3D-printed spike plates for bobsled shoes, aiming to give athletes a high-tech edge on the ice in the 2026 Winter Olympics.

The details:

  • BMW is 3D printing swappable spike plates tailored to each athlete's unique needs, as opposed to traditional fixed patterns that lack customization.

  • The design is based on 3D scans of the athlete’s shoes, with the material, geometry, and spike layouts tweaked for optimization at each position.

  • Initial World Cup trials have garnered positive feedback from athletes, with BMW looking to perfect the tech for the 2026 Olympics.

Why it matters: In the razor-thin margins of Olympic competition, BMW's high-tech spikes could provide the tiny advantage that pushes the German team to gold. The digitally tailored plates showcase how 3D printing is enabling previously impossible levels of athletic customization.

NEW PRODUCTS

⚙️ Merge- Automate building and maintaining product integrations for your startup

🖼️ Picurious- Turn photos into learning moments with instant answers, insights and questions about your images

🤖 AIChatbot- Instantly resolve support inquiries and customer service needs with an AI-powered chatbot

📶 Forescribe- Discover, optimize, and regulate your startup’s entire digital infrastructure

🫂 Rupt- Easily detect and convert account sharers into happy paying customers with unparalleled accuracy

🎨 Muse Pro- The ultimate AI-enhanced sketching and painting app

🧠 Second Brain Labs- Automate your sales, survey, and support at scale using AI

Browse the most popular tools ever featured with our tool database.

SNIPPETS

Samsung launched its new midrange lineup of 2024 Galaxy phones, featuring enhanced cameras, AI upgrades, and an expected $434 price point.

Readyverse Studios unveiled ‘The Readyverse’, a new interactive platform and metaverse from the creator of the sci-fi franchise ‘Ready Player One’.

X is reportedly planning to launch a video streaming platform available to watch on Samsung and Amazon Fire TVs, with Elon Musk tweeting the feature is ‘coming soon’.

Tesla is returning to court over a 2018 fatal crash involving its Autopilot system, with the plaintiff’s lawyers using a newly reported email to argue the company knew drivers would not watch the road when in-use.

Airbnb announced a new ban on indoor security cameras in listings starting April 30, attempting to prioritize guest privacy.

First Light Fusion set a new world record in the fusion energy sector, producing 4x the pressure found at the Earth’s core during a projectile launch.

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THAT’S A WRAP

If you have anything interesting to share, please reach out to us by sending us a DM on Twitter: @rowancheung & @therundowntech

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