FaZe Clan Targets $1 Billion Valuation As They Hit the Trade Market

In an attempt to become the first esports organisation in history to be valued at north of $1 billion, FaZe Clan has announced that they will be becoming a publicly listed company on Nasdaq.

With a combined 350 million followers across their social media channels, and a ton more on their individual content creators and professional esports athletes, the organisation has dubbed itself as a "leading digital content platform created for and by Gen Z and millennials." 

The organisation is expecting the move to become a PLC to generate an additional $275million, which will take their total value to over $1 billion. "Upon closing, the combined company is expected to have an implied equity value of approximately $1 billion," FaZe said, adding that the amount is "inclusive of nearly $275 million in cash on its balance sheet."

"Through the proposed business combination, FaZe Clan is positioned to become one of the only digitally native, youth-focused lifestyle and media platforms publicly traded on a U.S. national exchange."

Having originally rose to fame through sniping and trickshots on Call of Duty, uploaded to YouTube, FaZe Clan has used their ambition and flair to recruit some of the most popular content creators in the world, propelling them into arguably the most successful business in the industry.

With competitive teams in Call of Duty, Counter-Strike, Rocket League, and more, the additional resources could see the organisation branch out to the likes of League of Legends and the upcoming Halo Infinite title, as well as continuing to push the boundaries of content with their streaming personalities.

The esports giants previously came under fire as a select section of their streamers promoted a cryptocurrency scheme before being alleged to "dump" the stock - a frowned upon technique in the market. However, their ventures on Wall Street will likely be much more measured and professional.