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Illustration: Sarah Grillo/Axios

Airbnb on Wednesday raised $3.5 billion in its IPO at a fully diluted valuation of around $47.3 billion, and will begin trading Thursday on the Nasdaq under ticker symbol ABNB.

Why it matters: This is the culmination of a remarkable rebound for the hospitality giant, which many counted out once the pandemic began its rampage.

Details: Airbnb priced its shares at $68, per Bloomberg, versus an upwardly revised range of $56-$60 per share.

  • It had raised approximately $6.4 billion from venture capital and private equity firms, including at a $31 billion valuation in late 2017. Earlier this year the company secured a new equity and debt round at just an $18 billion valuation, tied to COVID-19, and one month later 25% of its employees.

Financials: Airbnb reports nearly a $700 million net loss on $2.5 billion in revenue for the first nine months of 2020, versus a $322 million net loss on $3.7 billion in revenue for the year earlier period. But it also reports $219 million in profits for the third quarter of 2020, as bookings rebounded.

  • The company says that the composition of bookings changed in 2020, as people sought longer stays closer to home.

The bottom line: Tuesday was a huge day for tech IPOs, with both DoorDash and C3.ai both pricing high and then watching their shares soar.

  • Airbnb is hoping for a repeat performance.

Correction: An earlier version of this story misidentified the exchange on which Airbnb plans to list.

Go deeper

Jan 26, 2021 - Economy & Business

Vimeo raises $300 million, valuing company at more than $5 billion

Photo by Jaap Arriens/NurPhoto via Getty Images

Vimeo, the 16-year-old video service that started as a platform for indie filmmakers, has raised $300 million in equity from T Rowe Price and Oberndorf Enterprises at a valuation of over $5 billion, the company said Monday.

Why it matters: Vimeo has witnessed incredible success since starting to lean more heavily into software sales a few years ago. The company has nearly doubled its enterprise value in less than three months.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.

Ina Fried, author of Login
Updated 1 hour ago - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.