WeWork CEO Adam Neumann
WeWork released its long-awaited IPO prospectus, joining numerous tech companies that went public in 2019.
The filing comes as WeWork, who redirected to We Company is expected to be released 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
The company also reported that it had 527,000 members per 30. June, an increase of more than 90% from the previous year.
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 $ 17.9 billion in filing.
The We Company confidentially applied 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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