Forbes unveiled its list of the most valuable esports companies in 2022 amid industry challenges that have forced businesses to diversify.
The top 10 esports companies are worth an average of $353 million, a 46% increase compared to December 2020.
- TSM, which rebranded to TSM FTX after signing a $210 million partnership with the exchange, is valued at $540 million, the most valuable esports company in 2022.
- 100 Thieves emerged as the second-most valuable esports company with a $460 million valuation, driven by a $60 million Series C funding round in December 2021.
- Team Liquid, owned by aXiomatic Gaming, is the third-most valuable esports company at $440 million.
- FaZe Clan rounds out the top four with a $400 million valuation, a 31% increase compared to 2020.
FaZe Clan announced plans in October 2021 to go public through a merger with blank-check company B. Riley Principal 150 Merger Corp., valuing the combined entity at $1 billion. The deal would give FaZe the highest-ever valuation for an esports company, surpassing TSM.
FaZe’s plan to go public has come with risks. Last month, the company submitted an amended filing to the SEC indicating that FaZe posted an adjusted EBITDA loss of $28.7 million in FY2021, compared to a projected loss of $19 million.
It also reported that $24.8 million of the $53 million in revenue generated in 2021 came from brand sponsorships. FaZe saw its net losses increase 28% year-over-year in 2021.