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WeWork discloses Q1 financials in employee memo

Photo by Mandel Ngan/Getty Images

WeWork had a $1.5 billion revenue run rate through the end of the first quarter, according to a memo sent early this morning to company employees and obtained by Axios. That run rate is nearly 70% higher than actual 2017 revenue, driven by significantly increased occupancy rates that suggest the co-working giant is figuring out how to successfully scale.

The big picture: The updated financials come as WeWork is seeking to raise new equity funding at around a $35 billion valuation, and while its recently-issued bonds continue to trade slightly below par. An IPO is expected to occur sometime in 2019.