In an announcement this afternoon, The We Company said that it has filed an “amended draft registration statement on Form S-1” with the Securities and Exchange Commission. The company said that it first filed its private IPO document in December.
Uber and Lyft each filed privately in December, as a point of reference.
The We Company, better known as WeWork, is a well-known co-working company that has grown into a broad effort, including offshoots from its core business like living arrangements, and childhood education. The firm has been a famous recipient of venture capital, private equity, and other dollars in its torrid history as a private company.
Most recently we learned that the company had a two-part 2018, replete with equal measures of growth and losses. The firm now seems set to follow in the wake of Lyft, which has gone public, and Uber, which will go public in early May. Each of those firms is also a growth play tied to stiff deficits.
As we reported at the time, the company’s numbers look like this:
WeWork’s 2017 revenue: $886 million
WeWork’s 2017 net loss: $933 million
WeWorks 2018 revenue: $1.82 billion (+105.4 percent)
WeWork’s 2018 net loss: $1.9 billion (+103.6 percent)
The We Company shared no details in its announcement, leaving us with little more than what we already know. Namely that there are billions and billions of dollars wagered on behalf of WeWork, expecting it to keep growing and provide fullsome returns. Parts of that gamble will soon be tested.
Illustration: Li-Anne Dias.