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Illustration: Aïda Amer/Axios

Pinterest, the social bookmarking platform, on Friday filed for an IPO that should result in its shares being traded next month on the New York Stock Exchange.

Big picture: Pinterest is one of several 2019 IPO hopefuls that have remained private longer than have past generations of tech startups, thanks largely to a ready flow of investor capital. The San Francisco-based company was founded over a decade ago, and has raised nearly $1.5 billion (most recently at a $12.3 billion valuation).

Pinterest reports a $63 million net loss on $756 million in revenue for 2018, compared to a $130 million net loss on $473 million in revenue for 2017.

  • It plans to trade on the New York Stock Exchange under ticker PINS, with Goldman Sachs, Morgan Stanley and Allen & Co. as lead underwriters.
  • The San Francisco-based company claims 250 million monthly active users, two-thirds of whom are female.
  • Top shareholders include Bessemer Venture Partners, Andreessen Horowitz, FirstMark Capital, Fidelity and Valiant Capital Partners.

"Pinterest can go after every segment, everything from retail to even financial services," eMarketer analyst Andrew Lipsman tells Axios. "People actually engage in personal finance sharing on Pinterest, so it's actually relevant to a lot of companies, which means its advertising application potential is really strong."

History as a guide: Pinterest will be going public just after Instagram introduced an in-app e-commerce feature. This doesn't go at the heart of Pinterest's business, which is more about promoted pins than its "shop the look" pins, but it is a bit reminiscent of how Instagram introduced its Stories feature as Snap was gearing up for its own IPO.

Expand chart
Data: eMarketer; Chart: Andrew Witherspoon/Axios

Go deeper

Dems race to address, preempt stimulus fraud claims

Illustration: Aïda Amer/Axios

Biden officials are working to root out the systematic fraud in unemployment and Paycheck Protection Program claims that plagued the Trump administration’s efforts to boost the economy with coronavirus relief money, Gene Sperling told House committee chairmen privately this week.

Why it matters: President Biden just signed another $1.9 trillion of aid into law, with Sperling tapped to oversee its implementation. And the administration is asking Congress to approve another $2.2 trillion for the first phase of an infrastructure package.

3 hours ago - Politics & Policy

Scoop: Biden close to picking Nick Burns as China ambassador

Nicholas Burns. Photo: Alex Wong/Getty Images

Nicholas Burns, a career diplomat, is in the final stages of vetting to serve as President Biden’s ambassador to China, people familiar with the matter tell Axios.

Why it matters: Across the administration, there's a consensus the U.S. relationship with China will be the most critical — and consequential — of Biden's presidency. From trade to Taiwan, the stakes are high. Burns could be among the first batch of diplomatic nominees announced in the coming weeks.

Biden's Russian sanctions likely to achieve little

President Biden announces new sanctions against Russia. Photo: Chip Somodevilla/Getty Images

Despite bold talk from top administration officials, there's little reason to think the Russia sanctions package President Biden announced Thursday will do anything to alter Russian President Vladimir Putin's behavior or calculus.

Why it matters: While it's true some elements of the package — namely, the targeting of Russia's sovereign debt — represent significant punitive measures against Moscow, it leaves plenty of wiggle room for the Russian president.

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