The company that created Pokemon Go is now worth over $3 billion

Pokémon Go has transformed creator company Niantic into a unicorn, say analysts at Citibank.

According to a research note sent to investors on July 19, the company that developed Pokémon Go is worth around $3.65 billion. Its app, which launched July 6, has catapulted to the top of global app stores and is estimated to generate more than a million dollars a day in revenue.

By Citi’s calculations, Niantic, a spin-off of Google parent company Alphabet, is on track to make $740 million in revenue this year, based on its current product pipeline. This “conservative” valuation is five times Niantic’s projected annual revenue.

Pokémon Go is proving you can grow fast and make money too. While other fast-growing companies, like Snapchat, have focused on growth first and then tried to monetize, Pokemon Go already offers in-app purchases for users to help them play the game.

Alphabet still owns 6% of Niantic, which Citi estimates is now worth $217 million. Other early investors were Pokemon (the company) and Nintendo, which owns the Pokémon Company, and partnered with Niantic to make Pokémon Go.

Nintendo’s own stock initially skyrocketed with Pokémon Go’s popularity in recent weeks, but the video game giant warned in a press release that the game would have a “limited” impact on its finances, because Nintendo didn’t really make the game. Nintendo’s stock fell 18% after the announcement.

Niantic has previously raised $25 million in two funding rounds. Given its projected revenue, it might not have to raise money for awhile.

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