Shared office space giant WeWork Cos. said Monday it has filed for an initial public offering, making it the latest highly valued startup to shoot for the public markets this year.
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WeWork, which rebranded as the We Company early this year, said it filed confidentially with the Securities and Exchange Commission in December. The filing isn't yet visible to the public because the confidential-filing provision enables the document to stay private until weeks before a planned stock-market listing.
The nine-year-old New York-based company was last valued in January at $47 billion in a deal with SoftBank Group Corp. That put its valuation at second among U.S. venture capital-backed companies, under ride-hailing company Uber Technologies Inc., which plans to hit the public markets this month at a value as much as $90 billion.
It is also the latest in a string of IPO candidates with giant-sized losses. WeWork, which subleases office space on a short-term basis to a variety of companies, previously reported a loss last year of nearly $2 billion on revenue of $1.8 billion.