WeWork CEO Adam Neumann (Credit: Getty Images)
As WeWork marches toward an IPO, the office-space company’s losses have continued to soar.
For the first half of 2019, the company generated $1.54 billion in revenue and posted a net loss of $689.7 million, according to an IPO filing the company released Wednesday. The Wall Street Journal first reported on the filing.
Despite the losses, the company has orchestrated the largest IPO debt deal ever, in a $6 billion transaction backed by several institutional banks.
The future success of the firm, which received a private-market valuation of $47 billion earlier this year, and was renamed the We Company, has been under intense debate as its business model of renting office space and subletting it at a premium is yet to be tested in public markets.
The company said it now has 527,000 members across 528 locations in 111 cities.