“WeWork IPO filing shows it’s losing nearly $5,200 per customer”

  •  WeWork’s corporate parent We Company revealed in documents for its upcoming initial public offering that the office-share company lost more than $1.3 billion from its operations in the first half of this year.
  • The losses for each WeWork member — about $5,200 per customer — are about 28 times what Uber loses per active rider.
  • Another way to see it: WeWork loses 94 cents every minute one of its laptop-toting members spends in its creative-class work halls during a 40-hour work week.

WeWork, the office-sharing, kegger-hosting phenomenon that has redefined the modern workspace, is also raising the bar for how much money a startup can lose and still be considered a buzzy investment.

WeWork’s corporate parent, the We Company, which released its IPO documents on Wednesday, loses roughly $5,197 per customer who inhabits its office space per year. That’s considerably more than newly public companies like Uber or Beyond Meat are losing on their growing customer bases.

WeWork, which says in the offering document that its corporate mission is no less than to “to elevate the world’s consciousness,” is on track to lose $2.7 billion this year from its operations, up from nearly $1.7 billion last year. The company’s revenue in the first six months of the year nearly doubled from last year’s first half, to $1.5 billion. The company said its losses rose just 10% from a year ago, but that includes a $470 million non-operating, and likely non-recurring, gain. Exclude that, and losses from the We Company, which says it will trade under the ticker symbol “WE,” rose 60%.

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