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Roblox completed a direct listing of its Class A shares on the New York Stock Exchange on March 10, 2021. The $41.9 billion figure is the reported valuation associated with the listing, but it should not be confused with either the NYSE’s $45 reference price or Roblox’s separate $41.52-per-share fair-value estimate. Those figures describe different things, and the exact first-trade price and share-count basis behind the $41.9 billion figure are not established by the primary records cited here.
What was Roblox valued at when it went public?
Roblox’s March 10, 2021 direct listing was reported with a $41.9 billion valuation. That is a company-wide market-value figure associated with public trading, not a per-share price. The SEC prospectus and other cited primary records do not independently establish the precise first-trade price and capitalization basis used to calculate that exact figure.
Two other numbers from the listing period are often easy to mistake for the valuation:
| Figure | What it measures | When and who |
|---|---|---|
| $41.9 billion | Reported market valuation associated with Roblox’s public trading; the precise first-trade and share-count calculation is not established in the cited primary records. | Reported at the time of the March 2021 listing. |
| $45 per share | NYSE reference price used as a benchmark in the opening process; it was not an IPO offer price or, by itself, a direct indication of market capitalization. | Reported contemporaneously by Bloomberg in the Los Angeles Times. |
| $41.52 per Class A share | Roblox’s independent fair-value estimate, not a trading price. | As of December 31, 2020, disclosed in Roblox’s SEC prospectus. |
The $45 reference price was reported by the Los Angeles Times. Roblox disclosed the $41.52 estimate in its SEC prospectus.
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How did Roblox’s direct listing set a share price?
Roblox’s prospectus described an opening price determined through buy and sell orders collected by the NYSE from broker-dealers. The NYSE’s designated market maker would set the opening price in consultation with financial advisers, under exchange rules. Roblox named Goldman Sachs, Morgan Stanley, and BofA Securities as advisers.
This process means the $45 reference price was not a guaranteed price at which investors could buy shares. The opening price was to emerge from market orders and the exchange’s price-discovery process. Roblox’s prospectus warned that the opening could be more volatile than an underwritten IPO because there was no underwriter-set offer price and no underwriter book-building process for this listing.
The NYSE’s current direct-listing explainer describes its opening auction as pricing shares from supply and demand at that time. The page also discusses a current option for companies to raise capital through a direct listing. That option should not be read back into Roblox’s 2021 transaction: contemporaneous reporting said the listing was not intended to raise capital.
How is a direct listing different from an IPO?
In a conventional underwritten IPO, a company and its underwriters set an offer price and arrange a sale of shares to investors. In the direct listing Roblox described, the opening public price was to be determined through exchange order flow rather than a pre-agreed IPO offer price. As a result, the $45 reference price was a benchmark—not a promise of the price at which trading would begin.
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Roblox’s prospectus also said registered stockholders might sell shares after listing, while making clear there was no assurance that any particular holder would do so. It is therefore inaccurate to describe the transaction simply as Roblox selling new shares at $45.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What share counts were disclosed before the listing?
Roblox’s prospectus reported 493,253,146 Class A shares and 57,287,302 Class B shares outstanding as of January 15, 2021, after giving effect to the expected conversion of preferred shares. The prospectus said each Class B share was convertible into an equivalent Class A share.
Those are dated basic share counts, not an independently verified fully diluted share count for reconstructing the $41.9 billion figure. The figures also do not turn the $45 reference price into a market-cap calculation. See the share-count disclosure in the SEC-filed prospectus.
When did Roblox begin trading publicly?
Roblox’s 2021 Form 10-K confirms that the company completed the listing of its Class A common stock on the NYSE on March 10, 2021. The filing is available through the SEC.
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