This is amazing. Reddit today is pretty much the same site it was in the "Conde Nast dark ages", but with 100x the headcount and many many millions of VC money

This is amazing. Reddit today is pretty much the same site it was in the "Conde Nast dark ages", but with 100x the headcount and many many millions of VC money (I guess you could call that "liabilities"). So what is it that now makes it an IPO candidate presumably worth many magnitudes of what it was to Conde Nast?