- WeWork is widely expected to hold its IPO as soon as next month, joining a flurry of tech companies that have gone public this year.
- The company, which recently rebranded to the We Company, announced in April it had confidentially filed for an IPO.
- We Company reported a net loss of more than $900 million for the first six months of 2019 on revenues of $1.54 billion.
WeWork released its much-anticipated IPO prospectus on Wednesday, revealing a $900 million loss in six months as the workspace rental company lined up to join a flurry of tech companies going public in 2019.
WeWork, which rebranded to the We Company, is widely expected to go public as soon as next month. It was recently valued at $47 billion after SoftBank, the company’s biggest backer, invested an additional $2 billion in January.
In the filing, the company reported revenues of $1.54 billion and a net loss of more than $900 million for the first six months of 2019. By comparison, another tech titan that went public this year, Uber, had a loss of $5 billion in the second quarter, largely due to stock based compensation from the IPO.
WeWork also reported that it had 527,000 members as of June 30, an increase of more than 90% from the year before.
WeWork, which rents out co-working spaces to start-ups, freelancers and enterprises, has to plunge cash into real estate in some of the most expensive markets and makes money back over time as companies and individuals pay their rent, or membership. The company reported long-term lease obligations of $17.9 billion in the filing.