WeWork has confidentially filed for an IPO
The coworking behemoth's parent company, The We Company, said Monday that it had submitted confidential paperwork with the US Securities and Exchange Commission to go public.At the end of March, The We Company released select financial results which showed that its revenue more than doubled last year to $1.8 billion. But it is still bleeding money: It also reported a $1.9 billion loss.
It had more than 400,000 members in 2018, up from 186,000 members the year prior. Enterprise companies such as Microsoft and Bank of America make up a growing portion of its memberships.SoftBank plans to give WeWork another $2 billionAhead of becoming a public company, We Company has been sweeping up startups to bolster its offerings.Earlier this month, WeWork acquired Managed by Q, the office-services management startup.
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