WeWork, the coworking unicorn startup (also known as The We Company) stated yesterday that it had silently filed its IPO paperwork back in December to initiate taking the brand public. The We Company was valued at an estimated $47 billion earlier this year. According to a recent report, the drafted Securities and Exchange Commission registration form was submitted shortly after the company failed to receive a controlling ownership stake buyout by SoftBank, one of the brand’s largest investors.
This mega startup is headquartered in NewYork City, New York and was founded in 2010, by Miguel McKelvey and Adam Neumann, who is also the business’ current CEO. WeWork is most known for transforming unused office areas into productively vibrant, co-working spaces. The company’s success came from many investors who believed in the startup’s goal, which was to offer freelancers and business owners of all sizes the opportunity to lease office space for affordable prices (without long term commitments that are often found in traditional commercial leasing agreements).
Most recently, The New York Times reported that some are critical that huge startups like WeWork have a tendency to “burn” through cash. Offering common stock options may help the company pull more resources in the future.