yeah they aren't IPO yet, I think a lot of stuff didn't play nicely for them, with the ukraine war, the tech bubbles popping and the general global economic conditions things aren't exactly favourable. I think also the backlash to 3rd party apps and their general shittiness has been hurting them a bit more than they have said.

Have been for years. Reddit is mismanaged, and the IPO is just an effort to get whatever they can before letting suckers hold the bag. They will never reach the valuation they had.