StockX, the stock market of sneakers, steps into a $2.8B valuation

Flexing the AF1 display on Zoom... Level 3 Flex. StockX is an online marketplace for sneakerheads and fashion aficionados. The five-year-old Detroit-based startup launched with rare kicks, then expanded to streetwear, bags, and even collectible Pokemon cards (this one's a steal at $5.2K). Now it's almost a triple unicorn:

• StockX just raised $275M at a $2.8B valuation, more than double its 2019 valuation. Celeb investors include Steve Aoki and Eminem.
• It was profitable for the first time last quarter, when sales soared 75% from a year earlier. Wild stat: 50% of its transactions since 2016 happened over the last 12 months.

New York Sneaker Exchange... StockX calls itself "the world's first stock market for things." Makes sense, since its CEO is a former NYSE and eBay exec.

• On a stock market (like the NYSE and the Nasdaq), supply and demand determines prices by matching buyers and sellers of a company's stock.
• StockX mimics the stock market by posting sellers' minimum asking prices and buyers' highest bidding prices. When a bid meets the ask, the sale automatically happens.