WeWork released its long-awaited IPO prospect, joining a number of technology companies that went public in 2019.
The filing comes as WeWork, which redirected to the We Company, is expected to go public as soon as September. WeWork was recently valued at $ 47 billion after SoftBank, the company's biggest supporter, invested an additional $ 2 billion in January.
In the filing released Wednesday, the company reported revenue of $ 1.54 billion and a net loss of more than $ 900 million for the first six months of 2019. The company also reported that it had 527,000 members as of June 30, a increase of more than 90% from the previous year.
It will trade under the ticker WE.
WeWork, which rents out co-working spaces for start-ups, freelancers and businesses, has to throw money into real estate in some of the most expensive markets and make money back over time when companies and individuals pay rent or membership. The company reported long-term leases of $ 1
According to the prospectus, WeWork is the largest shareholder of the WE Holdings company and the units of Benchmark, JP Morgan and SoftBank. The WE Holdings company is controlled by WeWork CEO Adam Neumann.
We Company filed confidentiality for an IPO in April. The filing did not include financial details, but in its business update in the first quarter of May, the company said sales more than doubled to $ 728.3 million, aided by expansion into international markets and growing membership.
In an effort to sway investors, the company has tried to differentiate its losses from money-losing wiring companies like Uber and Lyft, both of which went public earlier this year. CFO Artie Minson told CNBC's Deirdre Bosa in May that investors should view WeWork & # 39; s losses as "investments," adding that hiring out jobs is a "proven business model."
WeWork plans to raise $ 3 billion to $ 4 billion in debt before the IPO to help finance growth and prove it can reach profitability.
The company has expanded beyond collaboration space and into new markets. It has launched municipal housing complexes under the WeLive business, as well as the early education schools called WeGrow.
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