No, it is standing on a heap of lies. It's founder and the CEO have been crying baby faces that the company hasn't never been profitable, so they must show more adds. But that didn't materialise, he came up with ipo bullshit. It's not the first time he is trying it, it's just a game to fool everyone. He only wants to increase the company's networth, so as to churn out more from public. Reddit is like a train that never actually started. You can read in detail here.https://www.publish0x.com/coinsreporter/finally-reddit-may-launch-its-ipo-in-march-xwvvlor

Is it just me or is this IPO giving off major wework vibes?

No clue whether it will survive or not, but it has changed. I used to be somewhat active on there years ago, and it was generally a pretty decent place, at least on the subreddits I was on! Now it seems most content is low effort spam or karma farming, and most of the posts and comments appear to be written by elementary schoolers.

My hope is that the fall of Reddit brings back more of the old style forums. Maybe my remembrance is different, but it seems you get to build more of a community there. The need to create an account for each forum also seems to reduce a lot of the drive by spamming and low effort posts, and there's less incentive to karma farm. (What is the fascination with acquiring karma anyway?!) I hope for all of that, but in reality it's probably just going to mean a greater transition to Discord and similar.

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I really don't see what value it offers anymore.