The co-working behemoth's parent company, The We Company, said Monday that it had submitted confidential paperwork with the US Securities and Exchange Commission to go public.
At the end of March, WeWork released select financial results which showed that its revenue more than doubled last year to $1.8 billion. But it is still bleeding money: It also reported a $1.9 billion loss.
WeWork, founded in 2010 by Adam Neumann and Miguel McKelvey, the New York-based company has made a name for itself with a global network of coworking spaces. It is one of the most valuable privately-held companies in the US, raising billions of dollars in funding on its selling point of "community."
Over the years, it has tried to foster community in ways that go beyond working — with companies that tackle co-living (WeLive), health and wellness (WeRise) and education (WeGrow). In January, it rebranded itself as The We Company, which serves as an umbrella company to its various businesses.
The We Company has been sweeping up startups to bolster its offerings ahead of becoming a public company.
Earlier this month, WeWork acquired Managed by Q, the office-services management startup. The deal was for around $200 to $250 million, according to a source familiar with the matter. The company's largest acquisition to date is Naked Hub, a Chinese coworking startup. WeWork struck a deal to buy the company for about $400 million last April.
More to come...
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