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.

More financials, per the memo:

  • Q1 2018 revenue was $342 million, up 110% year-over-year.
  • The $1.5 billion revenue run rate was calculated by multiplying March revenue by 12, although the company still anticipates around $2.3 billion in total 2018 revenue (based on its growth trajectory).
  • "Community EBITDA," a WeWork metric meant to relay unit economics, was $95 million for Q1. That's a 121% increase over Q1 2017.
  • Losses weren't referenced, but the company remains unprofitable.
  • Cash on hand also wasn't referenced, but the company told bond buyers that it had around $2.8 billion on hand (inclusive of the bond offering proceeds and around $600 million committed, but not yet wired, by shareholder SoftBank).

But perhaps WeWork's most important quarterly number doesn't have a dollar sign in front of it. That would be an 82% occupancy rate at the end of March, which is up from 73% from one year earlier despite the company's rapid expansion (33 additional cities and nine new countries).

  • Why it matters: WeWork would argue that this demonstrates that it has figured out how to scale, in part due to an increased ability to land enterprise customers who sign longer-term contracts (now 24% of total membership, up from 14%).

WeWork didn't mention the new private fundraise in its memo, but the beans were spilled at a conference in London by SoftBank's Rajeev Misra. Expect it to be a combination of primary and secondary capital, so as to better protect against dilution. Spokespeople for both WeWork and SoftBank declined to comment on Misra's disclosure.

Go deeper

Updated 39 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand Prime Minister Jacinda Ardern said it's too early to say whether next month's elections will be postponed after she announced Tuesday four people had tested positive for COVID-19 after no local cases for 102 days.

Zoom in: NZ's most populous city, Auckland, has gone on lockdown for 72 hours and the rest of the country is under lesser restrictions.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 8 p.m. ET: 20,188,678 — Total deaths: 738,668 — Total recoveries: 12,452,126Map.
  2. U.S.: Total confirmed cases as of 8 p.m. ET: 5,138,850 — Total deaths: 164,480 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.

Voters cast ballots in Minnesota, Georgia, Connecticut, Wisconsin and Vermont

Photo: Spencer Platt/Getty Images

Primary elections are being held on Tuesday in Minnesota, Georgia, Connecticut, Vermont and Wisconsin.

The big picture: Georgia and Wisconsin both struggled to hold primaries during the coronavirus pandemic, but are doing so again — testing their voting systems ahead of the general election. Rep. Ilhan Omar (D-Minn.) is facing a strong challenger as she fights for her political career. In Georgia, a Republican primary runoff pits a QAnon supporter against a hardline conservative.