WeWork Is Raising $780 Million at a Huge Valuation

March 9, 2016, 6:21 PM UTC

WeWork, a New York-based startup that leases out offices and other co-working spaces, has authorized the sale of up to $780 million in new stock, according to documents filed on Tuesday in Delaware.

The offering comprises what WeWork is referring to as both Series F and Series F Prime convertible preferred shares, both of which are priced at just over $50.19 a piece. That’s a 52.6% jump from where the company sold its Series E convertible preferred stock last summer, and would give the company a pre-money valuation, which doesn’t include the new funding it is getting, of around $17 billion (per VC Experts, which first spotted the Delaware filing).

WeWork previously raised over $900 million in equity financing, from firms like Benchmark Capital, Harvard Management Co., Fidelity Investments, T. Rowe Price, J.P. Morgan Chase (JPM), Wellington Management and Goldman Sachs (GS). There also was a New York Times report in November 2015 that the company was in talks for a $750 million credit facility from J.P. Morgan, Goldman, Morgan Stanley (MS) and Deutsche Bank (DB). It is unclear if the credit facility ever closed.

WeWork has not yet responded to a request for comment.

Update: WeWork has confirmed the round, led by Legend Holdings and Hony Capital, in a blog post. Sources say that the round remains open, and that the pre-money valuation is closer to $16 billion than $17 billion.

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