Rapidly growing 10x Genomics continues to expand its footprint in Pleasanton.
The company formally announced its acquisition of the former JCPenney Home Store shopping center for $29.4 million today. It already has plans for that site progressing through the city’s review process. In addition, the company announced it has leased two complete floors in a building next to its corporate headquarters in Pleasanton Corporate Commons across from Stoneridge Shopping Center. The company now has more than 295,000 square feet in two of those five-story buildings.
The news demonstrates how committed 10x is to Pleasanton. It was founded here in 2012 and relocated its headquarters to Stoneridge Mall Drive in 2019. Plans for shopping center site include 381,000 square feet in three buildings with the first building set to open in 2022. A parking garage also is included in the plans.
The city is renaming Fabian Court, which connects the corporate headquarters building to Stoneridge Mall Road, Genomics Place.
In a press release, CEO Serge Saxonov wrote, ““Today, we are in the Century of Biology. Our 10x technologies are fueling discoveries around the globe at a rapid rate, accelerating the need to expand our facilities to better serve our customers. Pleasanton has been an incredible base for us since our start in a garage almost ten years ago with its great talent, affordable cost of living and vibrant community. We look forward to extending our headquarters in this city and staying here for years to come.”
10x went public in August of 2019, selling shares for $39. The stock has since soared to a high of $201.700. It closed Monday at $141, giving 10x a market cap of $15.34 billion. It became the Livermore Valley’s first home-grown unicorn in January of 2019 when it topped $1 billion in market cap.
Both revenue and expenses soared in the fourth quarter of 2020. Revenue topped $112 million, up 49% year-over-year. Expenses were up 653% year-over-year to $503 million, driven by the acquisition of ReadCoor ($407 million) as well as additional staffing, according to the Motley Fool.
The company’s mission is to build equipment to help researchers understand more about biology. It designs hardware and consumables for use in research. 10x equipment is used by all of the top 20 pharmaceutical companies as well as the top 100 research institutions.
It’s impressive to read how much this Pleasanton-based company has contributed in less than 10 years of operations.