Existing investors in the company include Snoop Dogg and Peter Thiel.
Reddit is looking for more funding, Bloomberg reports, and it's aiming for a $1.7 billion (£1.3 billion) valuation.
The website has previously raised money from investors including Marc Andreessen, Peter Thiel, Jared Leto, and Snoop Dogg.
Now Reddit is reportedly looking to raise around $150 million (£117 million) in funding.
CEO and cofounder Steve Huffman returned to Reddit in 2015 and took over from former CEO Ellen Pao, who was the target of controversy following the departure of Reddit community manager Victoria Taylor.
Reddit last raised money in 2014 when it brought in around $50 million (£39 million) in funding. That round of funding was led by Sam Altman, the head of Silicon Valley startup incubator Y Combinator.