WeWork presses on with IPO 

Office-rental company WeWork – now rebranded as The We Company – may seek a valuation as low as $15-18 billion in an initial public offering, down from its $47 billion value in January


Revenues and costs ($ millions)		*2019 – six months ended June 30

Revenue
Sales, marketing, pre-opening costs
General administration expenses
Depreciation
Operating expenses


$47bn
WeWork
400,000 users in 111 cities in 32 countries

$33.4bn
SpaceX

$15-18bn
WeWork
Likely valuation

$3.8bn
Valuation of IWG
World’s largest serviced office provider with almost 2.5 million users in more than 1,000 cities in 110 countries


Cumulative revenue Jan 2016-Jun 2019 
$4.67 billion

			1,821.8
					1,535.4
436.1	886.0

2016	2017 		2018		2019*

443.2	816.4		1,627.9		1,314.1
194.9	384.5		1,213.8		944.9
115.3	454.0		357.5		389.9
89.0	162.9		313.5		255.9

Total costs 
832.4	1,817.8		3,512.7		2,904.8

Loss	Loss		Loss		Loss
-396.3	-931.8		-1,690.9	-1,369.4


Cumulative costs Jan 2016-Jun 2019 
$9.07 billion


Sources: Securities and Exchange Commission, Reuters 
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