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- Coworking space startup WeWork could unveil its IPO filing as soon as next week, according to a Bloomberg report Friday.
- The company confidentially filed to go public in April and was valued at $47 billion in its most recent private funding round in January and has raised $10 billion in funding since 2011.
- The company's financials have come under scrutiny in the run-up to its public debut as it struggles to turn large real estate investments into a profitable business model.
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Coworking space startup WeWork could unveil its IPO filing as soon as next week, according to a Bloomberg report Friday.
The company, which is part of The We Company, confidentially filed to go public in April and was valued at $47 billion in its most recent private funding round in January. The S-1 filing in question would give us our best look yet at the high-profile startup's business yet.
According to its most recent financial report in July, WeWork still isn't profitable, but it's growing fast, with its losses and revenues both doubling in 2018 to $1.9 billion and $1.8 billion, respectively, from the year prior.
WeWork has been sharing select financial information with the public since it began issuing bonds in 2018, but the filing will be the most comprehensive look at its finances yet. According to the Bloomberg report, WeWork is planning to raise more than $3.5 billion in its IPO, which, if it comes to fruition, would make it the second largest IPO in the United States this year.
The company has raised $10 billion in venture funding and debt funding since cofounder and CEO Adam Neumann started the company in 2011. The IPO would allow its roster of prominent investors, including SoftBank, to cash out their shares.
The company's financials have come under scrutiny in the run-up to its public debut as it struggles to turn large real estate investments into a profitable business model. Neumann himself came under fire in July for cashing out a portion of his stake in WeWork and taking loans worth $700 million in total, an uncommon move ahead of such a highly-anticipated IPO.
WeWork declined to comment.
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