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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

Felix Salmon, author of Capital
Jan 28, 2021 - Economy & Business

Where global investment is flowing

Data: UNCTAD; Chart: Axios Visuals

Cross-border investment fell off a cliff in 2020, dropping 42% to $859 billion from 2019's $1.5 trillion, according to official UN figures.

By the numbers: Developed countries saw a 69% reduction in inflows.

Tina Reed, author of Vitals
59 mins ago - Health

Health care workers hit new breaking point

Illustration: Shoshana Gordon/Axios

The ranks of health care workers are dwindling and stretching what it means to be reaching their "breaking points," particularly at small nonprofit hospitals.

The big picture: Even as Omicron cases have begun to wane in some places, many hospitals are still fielding a crush of patients amid record employee callouts.

Sarah Palin tests positive for COVID, delaying defamation trial

Sarah Palin. Photo: Matthew Staver/Bloomberg via Getty Images

Former Alaska Gov. Sarah Palin (R) tested positive for COVID-19 on Monday, delaying the start of her defamation trial against the New York Times.

Why it matters: The trial will be closely watched, as it's a rare instance of a major media company defending its editorial practices before an American jury.