At $68 per share, the company raised around $3.5 billion through its initial public offering and is valued at about $47 billion.
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Airbnb initially set a share price range of between $44 and $50 before increasing it to between $56 and $60. The San Francisco-based travel and hospitality company targeted an approximately $3 billion IPO raise, and ended up surpassing that goal.
With $3.5 billion raised, Airbnb comes in as one of the largest tech IPOs of the year, ahead of food-delivery app DoorDash, which started trading on the New York Stock Exchange on Wednesday, and Snowflake. Cloud data warehousing company Snowflake raised $3.36 billion through its IPO and DoorDash raised $3.37 billion.
Founded in 2007, Airbnb is one of the older unicorns to go public this year. As a private company, it had raised around $6.4 billion in total funding, according to Crunchbase, most recently raising $1 billion in funding from Silver Lake and Sixth Street and $1 billion in debt earlier this year.
Before the COVID-19 pandemic, the company was valued at around $31 billion. The pandemic initially hit Airbnb’s revenue, and the company laid off about a quarter of its staff in May. But despite the difficulties for the travel and hospitality industry this year, Airbnb was able to recover somewhat by focusing on local travel, and it pushed forward with its IPO. The company’s public debut, expected for Thursday, has been one of the most anticipated IPOs during a busy year for the public markets.
The company was last privately valued at $18 billion.
Airbnb’s pricing follows a blockbuster public debut for DoorDash. The food-delivery company priced its shares at $102 apiece, above the set range of $90 to $95, and closed its first day of trading 85 percent above its IPO price.
Illustration: Li-Anne Dias
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