Airbnb to go public in 2020
Brian Chesky, co-founder and CEO of Airbnb.
By Katie Burke Staff Reporter, San Francisco Business Times
Airbnb has made it official: the San Francisco-based travel giant will be taking the company public in 2020.
Airbnb released a statement on
its plan today, but did not provide any details about how or when it
intends to launch the company on the public markets. The home-rentals
giant has been widely expected to pursue a direct listing.
It has been laying the groundwork for an initial public offering for
nearly two years, and was initially expected to go public in the second
half of this year alongside other Bay Area tech giants such as Uber
(NYSE: UBER), Lyft (NASDAQ: LYFT) and Pinterest (NYSE: PINS). The company said this week that it took in "substantially more" than $1 billion of revenue in 2019.
The company's valuation, share price or intentions for the capital it raises were not immediately available.
Airbnb
has been on a fast track to growth since its founding in 2008. The
company now has more than 7 million listings spread among more than
100,000 cities on its site, and continues to stretch into luxury travel,
business travel, boutique hotel, experiences among other segments of
the travel industry.
Its host and
guest network has generated more than $100 billion in estimated direct
economic impact across 30 countries in 2018, a figure the company
expects to increase moving forward.
Just last month, the company said the number of rooms it had on its platform had grown to eclipse all
the rooms operated by the top seven hotel chains combined, a figure
that helped boost the home-sharing giant to a record-breaking number of
stays. It reported more than 4 million guest check-ins in August, the highest in the company's 11-year history.
In an interview with the San Francisco Business Times late last year, Airbnb CEO Brian Chesky said he envisions Airbnb as an anywhere, everything company.
"We
expanded the scope of what Airbnb can become, almost like increasing
the canvas size," he said of pushes into the corporate, luxury,
traditional hotel, experience and travel markets. "We massively
increased our leadership capabilities and massively increased the
categories of offerings so that ... Airbnb can become a much, much
larger idea."
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