On Monday, The We Company, formerly known as WeWork, announced it had submitted an amendment to its confidential prospectus to go public, making it the latest of the big tech unicorns to prepare for an IPO. According to the release, the paperwork was first filed with the Securities and Exchange Commission in December 2018.
WeWork has made several notable moves in the lead-up to its prospective public offering. In January, the company raised $2 billion at $47 billion valuation and changed its name to The We Company. The new branding was developed as a way to give its various sub brands—WeWork, We Live (co-living), and We Grow (education)—an opportunity to grow. The change helps highlight each of these business segments, illustrating to investors that the company does more than rent out hot desks.
In the last couple of years, WeWork has extended more deeply into office operations, spinning up spaces for major corporations. But it sees itself as a lifestyle brand, offering its own take on fitness and even elementary school.
The eight-year-old company has 400,000 members in 100 cities globally. In 2017, the company made $886 million in revenue; that figure doubled in 2018.
WeWork also has $6.6 billion in cash, and has seen a $10 billion investment from SoftBank. But while the company has grown tremendously in the last two years, it continues to log losses. In March, The We Company told reporters it took a loss of $2 billion in 2018.