Social media platform Reddit has struck a deal with Google to make its content available to train the search giant’s artificial intelligence models. According to sources, the contract with Google (Alphabet) is worth about 60 million dollars per year.

The deal underscores how Reddit, which is gearing up for a high-profile stock market launch, is seeking new revenue in the face of stiff competition from services like TikTok and Meta, Reuters reported.

The sources were not authorized to speak to the media and declined to be named. Reddit and Google declined to comment. Last year, Reddit said it would charge companies for access to its application programming interface (API), the means by which it distributes its content. The deal with Google could be the first deal with a major artificial intelligence company.

San Francisco-based Reddit has been mulling an IPO for more than three years and is preparing to file for an initial public offering this week, detailing its financials for the first time to potential IPO investors. The documents could be available as early as Thursday, two sources said.

The company was valued at about $10 billion in a 2021 funding round, and is looking to sell about 10% of its shares during the offering. Reddit’s IPO will be the first major social network IPO since Pinterest’s 2019 IPO.

In recent months, AI modelers have been busy striking deals with content owners, seeking to diversify their training data beyond large chunks of the internet. This practice is fraught with potential copyright issues, as many content creators claim that their content has been used without permission.

The competition of ITS authors is ongoing. Write an article about game development, gaming and gaming devices and win a professional Logitech G923 Racing Wheel or one of the low-profile Logitech G815 LIGHTSYNC RGB Mechanical Gaming Keyboard!