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WeWork Files IPO Prospectus, Bringing Huge Revenue, Big Losses To Light

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The We Company is one big step closer to going public.

WeWork Files IPO Prospectus, Bringing Huge Revenue, Big Losses To Light
The We Company co-founder and CEO Adam Neumann

The umbrella company of coworking giant WeWork filed its prospectus for an initial public offering with the Securities and Exchange Commission Wednesday morning. The filing is the latest major move toward the level of transparency required of a public company.

In its prospectus, The We Company tallied its revenue for the first six months of this year at $1.54B, approaching the $1.82B it claimed in revenue for all of 2018. It is still operating at a net loss, ending the first half of the year $690M in the red, according to its SEC filing. 

WeWork is hoping to upend the recent trend of major startups that operate at a loss missing expectations on their IPOs, as was the case for ridesharing companies Uber and Lyft this year.

The We Company did not disclose its targeted share price, how many shares it hopes to sell in its prospectus, or a specific date for its IPO, leaving those fields blank.

Rather than a coworking company, the prospectus describes The We Company as "a community company," with a mission "to elevate the world’s consciousness." It had 527,000 members as of June 30, after ending 2018 with 401,000.

This is a developing story.