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STORY: Reddit is aiming for a valuation of up to $6.4 billion in its U.S. initial public offering.

The social media platform made the announcement Monday (March 11) as it approaches one of the most-anticipated stock market debuts of the year.

Reddit is targeting a sale of about 22 million shares priced between $31 and $34, and hopes to raise up to $748 million.

Reddit launched in 2005 and has become one of the cornerstones of social media culture.

It has 100,000 online forums called "subreddits", which feature conversations on a wide variety of topics.

Reddit said it had an average of 73.1 million daily active users who use its platform at least once a day in the three months ended December 31, last year.

The company's influential communities are best known for the "meme-stock" saga of 2021.

It saw several retail investors collaborate on Reddit's "wallstreetbets" forum to buy shares of highly shorted companies such as video game retailer GameStop.

The episode hit hedge funds that had bet against those stocks, and made retail traders a force to reckon with.

But Reddit has lagged the success of rivals such as Meta’s Facebook and Twitter, now known as X.

Reddit has never turned a profit, and said in a filing it was "in the early stages of monetizing (its) business."