Why would they IPO? Just take the money you make now and be happy. They need to pay back the VC money they stupidly took very late, but it's not like they need to fund future dev? Another bad redesign? Many people use these alternative apps because the UI on Reddit is pretty bad. They should force ads into the api stream and just call it a day. These 3rd party developers are doing the work for you that the reddit employees cannot figure out on their own.