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Photo: Rachel Murray/Getty Images for Casper Sleep Inc.

Upstart mattress maker Casper filed Friday for an initial public offering.

Why it matters: This will be the next public market test of a consumer products company that venture capitalists have arguably valued like a tech company.

The big picture: Casper reports a $67 million net loss on $312 million in revenue for the first nine months of 2019, versus a $64 million net loss on $260 million in revenue for the year-earlier period.

  • It has raised over $355 million in venture capital funding, most recently in early 2019 at a valuation just north of $1 billion. Investors include retailer Target.
  • The IPO filing lists a $100 million target raise, but that's likely a placeholder figure.
  • Morgan Stanley is listed as lead underwriter.

The state of play: The New York-based company, known for shipping mattresses inside of boxes, began as a direct-to-consumer e-commerce company, but has since opened 60 physical stores.

Editor's note: An earlier version of this story had an incorrect figure for 2018 revenue.

Go deeper: 2019's IPO misery

Go deeper

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
3 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.