Roblox Developer Goes Public With A Direct Listing, And That's A Big Deal

It's a big day for Roblox, as the game's owner is now listed on the New York Stock Exchange as part of a business move that marks the next stage in the developer's growth.

Founder David Baszucki was on-hand in New York to ring the opening bell to mark the start of trading for Roblox, which will trade under RBLX. In a statement, Baszucki said, "In 2004, we founded Roblox with the vision of connecting the world. Today, as we celebrate our direct listing on the New York Stock Exchange, we recognize the potential ahead of us: to build the platform where billions of people come together to learn, work, and play."

A direct listing differs from an initial public offering (IPO). With a direct listing, outstanding shares are sold, compared to an IPO where new shares are created and sold to the public.

Roblox Corp. has an estimated value of $30 billion, and this could grow substantially with the direct listing, or it might not. Nothing is guaranteed on the stock market.

What will happen is that Baszucki is expected to become a multi-billionaire due to the direct listing and his 70% ownership of the voting power, according to Fortune.

Baszucki is attempting to create a "metaverse" with Roblox, which is exactly what Fortnite studio Epic Games is trying to achieve as well. Baszucki told Fortune that the idea is to build Roblox to become a rich virtual world where players can do whatever they want.

"When we think about what we're doing at Roblox, we're shepherds of the metaverse," he said.

Roblox made waves recently when it partnered with "Old Town Road" singer Lil Nas X for an in-game concert where the singer debuted a new single. More than 30 million people tuned in to watch the larger-than-life virtual concert.