WeWork, an office inter-connectivity company, publicly released its paperwork for its initial public offering and is the first in-depth look at WeWork’s financials, according to Business Insider.
WeWork is valued at $47 billion with losses of $1.6 billion and revenue of $1.8 billion in 2018. WeWork going public is one of the most highly anticipated market debuts of the year. WeWork has not disclosed how much funding it plans to raise through the IPO.
The market opportunity for WeWork is valued at a staggering $1.6 trillion. WeWork’s tremendous debt is overlooked by many because of the enormous potential it has in its market.
In its S-1 filing the company wrote, "The more locations we strategically cluster in a given city, the larger and more dynamic our community becomes.” Its opening lines said, “We dedicate this to the power of We — greater than any one of us, but inside each of us."
WeWork was started by CEO and co-founder Adam Neumann, a 40-year-old Israeli businessman. Neumann started WeWork in 2010 in New York’s Little Italy neighborhood after a couple of failed business ventures.