Roblox has submited IPO prospectus

Welcome to Bloxburg Blockbux Roblox whose online gaming software has been hugely popular with kids during the pandemic filed its IPO prospectus on Thursday joining a growing crop of companies that are trying to go public before the end of the year.

The company did not say how much it is raising nor its valuation. CNBC previously reported that the company could go public early next year at an $8 billion valuation.

Roblox said earlier that it filed a confidential draft registration statement with the U.S. Securities and Exchange Commission for a public offering of common stock.

If you think that sounds like a good business to be in you're not wrong. According to Roblox's S-1 filing with the SEC just released the company averages 31.1 million daily average users (DAUs) generating $589 million in revenue in the first nine months of 2020. (Games are free to play but players can elect to purchase in-game currency called "Robux" to spend on in-game improvements such as special items and avatar costumes -- that's where Roblox's revenue come from.)

Financial details: Roblox reports $206 million of losses on $589 million in revenue for the first nine months of 2020 compared to $46 million in losses on $350 million for the same period in 2019.

Unity just reported third-quarter revenue growth of 53% to $200.8 million and it’s valued at $32 billion. Roblox is bigger and growing faster. Based just on a comparable multiple to annualized revenue Roblox would be worth over $37 billion. That’s up from a $4 billion financing round early this year led by Andreessen Horowitz.

“When we talk about ‘creators’ we do so in a general sense because creating experiences on Roblox taps a broad range of skills,” Baszucki wrote. “Our creator community includes people specialized in coding 3D experience design avatar and clothing design sound design community management moderation live ops production Welcome to Bloxburg Money and business. We believe that experience creation will become a growing field of employment.”

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