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Illustration: Aïda Amer/Axios

Roblox, a Silicon Valley-based social gaming platform for tweens and teens, on Thursday filed for a $1 billion initial public offering.

Why it matters: Roblox was big business before the pandemic, but really skyrocketed once kids were stuck at home due to the coronavirus outbreak.

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.

  • Free cash flow was $292.6 million for the nine-month period in 2020, up from just $6 million in the 2019 period and $49.5 million for all of 2018 and 2019 combined.

Usage: The company reports 31.1 million daily active users, and 22.2 billion engaged hours during the first three quarters of 2020.

Investors: The company has raised $335 million since its 2004 founding, most recently this past February at a $4 billion valuation.

  • Backers include Altos Ventures, First Round Capital, Meritech Capital Partners, Andreessen Horowitz and Index Ventures.

Listing details: Roblox plans to list on the New York Stock Exchange under ticker symbol RBLX, with Goldman Sachs and Morgan Stanley as lead underwriters.

Go deeper

Dan Primack, author of Pro Rata
Jan 29, 2021 - Economy & Business

Varsity Tutors to be valued at $1.7 billion in SPAC deal

Illustration: Rebecca Zisser / Axios

Nerdy, the parent company of online learning platform Varsity Tutors, announced on Friday that it will be acquired by a SPAC called TPG Pace Tech Opportunities at a valuation of $1.7 billion. Axios had previously reported on the deal talks.

Why it matters: This is the first tech SPAC deal affiliated with private equity giant TPG, and comes as more and more legacy investment firms are hopping on the blank check bandwagon.

Delivery industry sees biggest monthly job losses in more than 20 years

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic's biggest job winner is losing steam.

Driving the news: People who deliver packages to businesses and homes — classified as "couriers and messengers" by the Labor Department — saw the industry's biggest monthly job losses in more than 20 years in April.

FDA authorizes Pfizer COVID vaccine for 12- to 15-year-olds

Photo: Gabby Jones/Bloomberg via Getty Images

The Food and Drug Administration authorized the emergency use of the Pfizer-BioNTech coronavirus vaccine for 12- to 15-year-old adolescents, the agency announced on Monday.

Why it matters: The emergency authorization marks a critical milestone in the push to get more Americans vaccinated and fully reopen schools for in-person learning this fall.