Psilocybin has been reported to decrease depression symptoms among individuals with bipolar disorder (BD), but has also been associated with reports of mania, psychosis and increased depression. With increasing recreational use of psilocybin, and the potential for psilocybin to be used as a treatment for depression, a better understanding of the risks and benefits of this psychedelic among individuals with BD is warranted. Individuals have used social media sites like Reddit to share their experiences with psilocybin, providing an opportunity to understand a range of perspectives and experiences. The current study aimed to further explore psilocybin experiences as shared on Reddit, with a focus on posts related to BD. A thematic analysis of Reddit posts and comments was undertaken, with a focus on those identified with search terms, "bipolar" AND "psilocybin" OR "mushrooms". A total of 354 comments with a first-hand psilocybin experience were identified and included in the thematic analysis which revealed four core themes: (1) mania, (2) depression, (3) mixed experiences, and (4) broader perspectives. Psilocybin was reported to have benefits in some comments, including reduced depression symptoms and shifts in perspective about oneself and/or the world. However, reports of increased or new mania and psychosis symptoms were also reported, as well as increased depression. While psilocybin may benefit some individuals with BD, there may be potential for increased mania, psychosis and depression symptoms. Understanding the factors that contribute positive and negative outcomes among individuals with BD will be important in future research.