This week’s Term Sheet theme has been around massive valuations, so today’s edition features We, the parent company of WeWork. The co-working behemoth just released its much-awaited IPO prospectus, which revealed new details about its financial performance.
WeWork was most recently valued at $47 billion after SoftBank, the company’s largest backer, invested an additional $2 billion in January. In its S-1, WeWork reported revenues of $1.5 billion and a net loss of more than $690 million for the first six months of 2019. For the full year of 2018, it showed $1.8 billion in revenue with a loss of $1.6 billion. (You can see the figures further broken down here.)
“Our membership base has grown by over 100% every year since 2014,” the S-1 reads. “It took us more than seven years to achieve $1 billion of run-rate revenue, but only one additional year to reach $2 billion of run-rate revenue and just six months to reach $3 billion of run-rate revenue.”
WakeCap, a Saudi-based leader in smart solutions for construction project management, and OpenSpace, the global leader in 360° reality capture, announce a strategic partnership aimed at making cutting-edge global technology easily accessible to the Saudi Arabian construction market. By providing direct, local access to world-class technologies, the collaboration creates a centralized hub for all construction…
Linxon is building the infrastructure to power the world with carbon-free technology by offering turnkey solutions in the areas of substations for power transmission, renewable energy, and transportation. As a pioneer in the industry, Linxon has entered into an enterprise agreement with OpenSpace, the global leader in 360° reality capture, to bring the technology to…
St. Petersburg’s 400 Central construction crew has started using artificial intelligence to avoid mistakes in the construction process. Here’s how new tech accelerates long buildouts. In a matter of months, 400 Central Avenue, the site of St. Petersburg’s future tallest building, has gone from a ground-level foundation to a multi-story cement structure rising rapidly from…
