Business is booming at the Detroit-based retail site, which has a potential IPO on the horizon.
StockX is known for sneaker and apparel resales, but the marketplace has leveled up through the popularity of gaming consoles. StockX brought in over $400 million in revenue last year, with PlayStation and Xbox hardware emerging as the site’s top grossing products.
The figure is likely to please investors, who bought in on a $275 million Series E funding round in December at a $2.8 billion valuation.
At the time, the company — which was co-founded by Cleveland Cavaliers owner Dan Gilbert — predicted $141 million in profit on $350 million in revenue, expectations that now look modest. StockX previously had $239 million in revenue in 2019.
- Competitor Goat Group raised $100 million in September on a Series E round at a $1.75 billion valuation.
- Around 7% of PS5s sold in the U.S. have been resold on eBay and StockX, often for double the retail price.
- Scalpers have taken advantage of resale markets, buying an estimated 10-15% of all Xbox Series X|S consoles and PS5s since the products launched.
StockX is rumored to be considering going public this year. E-commerce sites Poshmark, Mytheresa and Wish have all gone public or filed to do so in recent months.