https://techcrunch.com/2023/06/30/fidelity-deepens-valuation-cut-for-reddit-and-discord/
Fidelity has further slashed the estimated worth of its holdings in Reddit and Discord as well as SaaS startup Gupshup.
Well it depends on why the company has never managed to turn a profit. A great example is Amazon. I think it existed for like 15 years before it first turned a profit because it was aggressively growing and spending all of their income to try to grow more.
As for Reddit, they are not growing like Amazon did. However, capturing a large user base is worth something because they may be able to monetize those users eventually. Investors view simply having a large user base as pretty valuable.