Airbnb has filed confidentially for an initial public offering, the company announced Wednesday.
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The company hasn’t yet determined the number of shares that will be offered nor the price range for its IPO, according to the statement.
Arguably the most anticipated IPO of 2020, Airbnb, which was founded in 2008, has raised at least $5.4 billion in total funding, per Crunchbase data. The company said last year that it intended to go public in 2020.
But the COVID-19 pandemic hit the travel and hospitality industry hard, and Airbnb was among the companies that felt the effects of travel coming to a standstill. The company went through layoffs in May.
Airbnb last raised $1 billion in debt and equity from Silver Lake and Sixth Street Partners in April. It was valued at $18 billion after that round, significantly down from its $31 billion valuation in 2017 following its Series F funding round. When the company goes public, it will be among a small handful of U.S.-based venture-backed companies to have initial post-public valuation of $10 billion or more since 2014.
Illustration: Li-Anne Dias