Roblox, a Silicon Valley-based 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.

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.

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.