In contrast to the splashy, public announcements of Lyft, Penterest and other startup IPOs so far this year, The We Company, the parent company of WeWork, confidentially updated an earlier December 2018 IPO filing to the SEC to put itself in position to join the growing IPO herd.
WeWork, which operates a worldwide network of co-working facilities benefiting startups and entrepreneurs, was valued at $47 billion in its last fundraising round. If the IPO completes this year, it is likely to challenge Uber’s likely placement as top IPO in 2019.
“After a lot of thought, last week we decided to file the first amendment to our submission, which is a step towards allowing us to decide to become a public company,” Chief Executive Adam Neumann wrote to staff in a memo seen by Reuters. He stated that there is no exact timeline when the IPO would commence, but it would indeed go forward.
WeWork, like most of this year’s IPO filings, is going public without a track record of profitability. In its first three quarters in 2018, the company reported a net loss of $1.22 billion on revenues of $1.25 billion.
But it has been aggressively expanding, acquiring new facilities around the globe, and starting up new business units like office space and residential rentals, as well as schools. WeWork, acknowledging its expansion, now goes as The We Company.