April 17, 2021

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Airbnb has filed confidential IPO paperwork

Airbnb CEO Brian Chesky.

John van Hasselt | Corbis | Getty Images

Airbnb on Wednesday announced that it has submitted a draft registration to the Securities and Exchange Commission for an initial public offering.

The company did not disclose its financial information nor did it specify how many shares would be offered.

The filing comes after a rough year for the U.S. travel industry and the start-up.

Airbnb in May laid off nearly 1,900 employees, or about 25% of the company. The company also slashed marketing costs and raised billions of dollars in debt. Numerous short-term rental hosts have also complained about late or missing payments from Airbnb. 

The coronavirus pandemic brought the travel industry to a halt, resulting in an estimated $330 billion of lost revenue since the beginning of March, according to an Aug. 13 report from the U.S. Travel Association.

Airbnb was valued at $18 billion following its latest funding round in April, according to Reuters.

This is breaking news. Please check back for updates.

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