Reddit is still majority owned by Advance Publications, no? They’ve had 3 fund raises since Advance Publications spun out reddit as an independent company. That’s up to 30% taken by investors. The only other shareholders are employees from the spin out. Reddit can still go another 1-2 rounds before Advance Publications doesn’t own more than 50% of reddit. Maybe the latter two rounds have deals that will force an IPO sooner, but otherwise it seems Reddit doesn’t have the same pressure as your average startup that has raised $500M+.