Same reason as any other company needs to raise money - to grow faster than their cashflow will allow. A business having healthy revenue, or even healthy profit, doesn't mean they can afford to achieve their ambitions right now. Raising enables them to do more.

The fact a business is raising money is rarely a sign that they actually need money; companies raise because they want money to do something. Heck, if your company genuinely needs money raising is much harder because there's a real risk of the business failing.

The universe isnt going to turn itself into paperclips.

They are pushing to capture older users and create a market place of grittier games to help monatize the mostly younger player base.

They are also pushing to internationalize the product.

If you can do X, then you will imagine X + 1.

Because you might prefer to do some things that cost more money rather sooner than later?

S1 shows China ambitions. Need capital to break into a complete new market.

My thought exactly. If they can’t make enough money on their own with that many users then how can they be valued so high.