WeWork discloses financial details as it files for IPO.
WeWork, now known as The We Company, released its IPO prospectus Wednesday morning months after filing confidentially to go public.
In its S-1 filing, the New York based company disclosed revenue north of $1.5 billion in the six months ending June 30 on losses of $904.6 million. Reports from The Wall Street Journal say the company is also pursuing an asset-backed loan worth upwards of $6 billion in what could be an effort to downsize its stock offering. WeWork has raised a total of $8.4 billion in a combination of debt and equity funding since it was founded in 2011.
Alex Weprin, Editor and reporter for The Hollywood Reported, tweeted that WeWork has ensured that it plans to open more WeLive residential projects in the future, but is a bit more wishy-washy on more WeGrow elementary schools: “We also expect to expand our education and learning programs to broaden the reach of our grow mission.”
According to Tech Crunch, WeWork plans to sell shares of its stock under the ticker symbol “We” with the share price yet to be determined. The stock exchange was not listed. SoftBank, unsurprisingly, JP Morgan and Benchmark are to be the big winners of the upcoming exit. The company operates 528 co-working spaces in 111 cities across 29 countries, with a total of 527,000 memberships, 50% of which are based outside the U.S. Even with fast growth and a global presence, WeWork has come to represent Silicon Valley’s tendency to inflate valuations.