Updated Aug 24, 2020 - Economy & Business
Unity Software files for IPO
Unity Software, a San Francisco-based company known for its popular video game engine, has filed to go public on the New York Stock Exchange under the ticker symbol "U."
Why it matters: The company's move comes at a time when its main rival, Epic Games' Unreal video games engine, is under a cloud as its parent company faces expulsion from the Apple App Store.
By the numbers:
- Revenue: Unity is still unprofitable.
- In 2018, it had $131.6 million in losses on $380.8 million in revenue.
- In 2019, it had $163.2 million in losses on $541.8 million in revenue.
- In the first six months of 2020, it had $54.2 million in losses on $351.3 million in revenue.
- In the first six months of 2020, Unity had 716 customers contributing more than $100,000 in annual revenue each.
- The company says it has 1.5 million monthly active creators, whose apps are downloaded 3 billion times per month.
- Unity's top shareholders are Sequoia Capital, Silver Lake and JA Technologies ApS.
The big picture: Unity's filing is just one of a number of tech IPO announcements in the past 24 hours. Niche technology Snowflake, Sumo Logic and JFrog all disclosed their plans to go public on Monday.