- Roblox is now worth $68 billion — a jump from its public debut valuation in March of $42 billion.
- The 70% rally since March has made the online gaming company worth more than FedEx.
- Its CEO said the platform's uses in the metaverse will expand to town halls and conferences.
Roblox has added $26 billion to its valuation since going public in March, making it worth more than brands like FedEx and Ferrari.
An online-gaming platform that lets users design and interact in virtual worlds, Roblox has rallied 70% since its public debut. Much of those gains have come in the last month alone in which the shares have soared about 55%.
The company — valued at $42 billion at its direct listing according to the Wall Street Journal — is now worth $68 billion.
That means Roblox is worth more than FedEx, a global delivery company valued at $65 billion, and Ferrari, the luxury sports-car maker valued at $66 billion. It's also worth more than German carmaker BMW and credit-card company Capital One. On Tuesday, Roblox jumped 3.1% to $116.74 at 1:42 p.m. in New York.
Investors have been pouring into metaverse-related stocks and cryptocurrencies since the company formerly known as Facebook announced its new name "Meta" at the end of October. The rebranding was meant as a symbol of the company's push into the next phase of the internet, a digital world called the metaverse where people can interact, work, and play.
Roblox has already mastered the "play" aspect of the metaverse as millions of users spend time in the game building their own virtual worlds and spending and buying with their "Robux."
David Baszucki, the company's chief executive officer, told Bloomberg he sees Roblox being a pivotal piece of the metaverse, where people can take part in town halls, conferences, and eventually even dissect a frog for biology class.
Jefferies analysts said in a Monday note that the metaverse could be the biggest disruption to daily life ever seen, and said the pandemic accelerated the shift to a more virtual reality. "This shift to an online world will continue," the analysts wrote.