Reddit's first-day jump fattened the wallets of the social media platform’s users who were given the unusual opportunity to buy shares at the initial public offering price, as well as longtime investors benefiting from the rebound in the company’s valuation.

Touting its plan to profit from the growth of artificial intelligence, Reddit’s shares climbed 48% in its trading debut Wednesday after pricing at the top of a marketed range to raise $748 million in the fourth-largest U.S. IPO of the year.

At the closing price of $50.44, San Francisco-based Reddit has a market value of $8 billion. Including stock options and restricted share units, the company’s fully diluted valuation is closer to $9.5 billion, based on filings with the U.S. Securities and Exchange Commission. That’s about $3 billion more than its valuation in Tuesday’s share sale and just shy of the $10 billion figure it had achieved in a 2021 funding round.