WhereIsAtlas · Commercial real estate
WeWork
The coworking startup that briefly seemed worth more than its landlord
Transformed — Bankrupt in 2023; emerged in 2024 under new ownership at a fraction of its $47B peak.
WeWork opened its first coworking space in SoHo, Manhattan in 2010 and grew by selling community, free beer and 'physical space as a service' to freelancers and Fortune 500s alike. SoftBank's billions pushed its private valuation to $47 billion in January 2019 — on a business that lost $1.9 billion that year.
The August 2019 IPO filing laid bare the losses, governance quirks and founder self-dealing. The listing collapsed within weeks, co-founder Adam Neumann was forced out, and SoftBank mounted a $9.5 billion rescue.
WeWork eventually went public via SPAC in 2021, but the post-pandemic office slump proved terminal: it filed for Chapter 11 in November 2023 and emerged in May 2024 under new owners, smaller and rent-renegotiated. The brand operates a reduced global footprint of coworking locations.
Quick facts
- Founded
- 2010, New York City
- Founders
- Adam Neumann, Miguel McKelvey
- Peak valuation
- $47B (Jan 2019)
- 2019 loss
- $1.9B
- Bankruptcy
- Nov 6, 2023
- Emerged
- May 2024, new ownership
Sources
- Wikipedia: WeWork — Wikipedia (2026-01-10)
- WeWork files for bankruptcy — The New York Times (2025-12-20)
- WeWork's $47 billion valuation — Reuters (2025-12-20)
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