WeWork, now known as The We Company, released its IPO prospectusWednesday morning months after filing confidentially to go public. The company indicated plans to raise $1 billion in what is likely a placeholder amount.
Backed by billions from SoftBank and its mammoth Vision Fund, the highly-anticipated float is expected as soon as next month.
The New York-based company, valued at $47 billion earlier this year, has long been rumored to be plotting a massive IPO despite towering losses. The business recently disclosed 2018 net losses of $1.9 billion on revenue of $1.8 billion. To convince Wall Street it’s a business worthy of their investment will be a challenge, to say the least.