Roblox goes public and is instantly worth more than $45 billion

Roblox, a company that describes itself as a "metaverse" where players can make their own avatars and environments, saw its shares surge nearly 55% to $69.50 after the IPO. Roblox valuation is currently more than $45 billion.

The company generates nearly all of its revenue from the sale of its Robux currency, which can be used to purchase in-game virtual objects. Last year the total revenue was nearly $925 million, up 82% from 2019.

Roblox announced earlier this month that it now expects sales to rise about another 60% this year to a range of $1.44 billion to $1.52 billion.