Thats a good point, however I don't forsee users staying there for long. So as you said they will have to milk their data for however long. That requires them writing good contracts that don't give everything away all at once, as I've seen done in some companies I worked for, as well as maintaining a demand. But I don't see any way Reddit can grow from here, their ~~cattle~~ users, as well as moderators are being treated extremely poorly. They are the product and Spez is doing his best to destroy his product.

Edit: Reddit reported its 2023 revenue was $804 million. Net loss was $90.8 million in 2023.

If I understand this correctly operating costs are ~890 mil. In order for them to be valued at 10 billion, they would have to at least bring in 100 mil profits. So they will have to increase annual contracts by 200 mil, or cut costs by 200 mil. All while maintaining user base happy. If they decide to cash out completely and live off the data they already own, they could probably cut costs drastically, let the website go to shit and hope they can live off of contracts for access to their already existing data for however long assuming they don't fuck it up as mentioned. Also in that scenario ad revenue stream would go down.

Companies like Tesla can survive high valuation with no dividends, well, it's a meme stock, but also the possibility still exists that they will pay out. There is already a lot of bad will against Reddit, and I see no way Reddit can grow and pay decent dividends unless they spin in a drastically different directiong.