Roblox announced today that it has confidentially submitted a statement with the SEC for a proposed public offering. The number of shares the company is set to offer hasn’t yet been announced.
With its free-to-play model aimed at younger gamers, Roblox has proven it has staying power after its inception all the way back in 2006. Earlier this year the company was valued at over $4 billion, with TechCrunch reporting that it has attracted over $335 million in venture capital funding.
Roblox targets both players and developers with its model, providing tools for developers to create small games or experiences that can be played within the larger Roblox ecosystem. With an in-game currency, Robux, that can be traded out for real-world money, Roblox also runs its own virtual economy.
“Roblox intends to commence the public offering following completion of the SEC review process,” the company’s announcement reads, though it adds the offering will be “subject to market and other conditions,” which could be a major caveat in a year as financially uncertain as 2020.
While 2020 has been a successful year for the gaming industry, with Roblox as one of the bigger games that has served as a virtual alternative for in-person social events, it has also turned up a handful of controversies for the company.
Earlier in the year a hacker gained access to Roblox user accounts by bribing a worker at the company, while July saw a widespread attack gain access to user accounts and edit them to display Trump propaganda ahead of the 2020 US elections.
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