OpenSpace has created the most advanced reality capture technology for construction teams by leveraging computer vision, artificial intelligence (AI), and 3D modeling. The OpenSpace product makes it easy to capture 360° images of a job site simply by mounting a camera to a helmet and walking through the job site. This process takes a fraction…
Fortune: What WeWork’s IPO Prospectus Tells Us About Its Business: Term Sheet
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.”