America’s most valuable startup doubled its revenue to US$1.54 billion in the first half of 2019, but also posted a net loss of US$689.7 million. The company is looking to go public as early as September. JPMorgan Chase and Goldman Sachs will serve as lead underwriters for the IPO. (The Logic)

Talking point: WeWork’s most detailed financial reveal to date shows it spends quickly to develop new locations before established ones start making money: the root of its breakspeed growth, but also its lack of profitability. WeWork needs to raise considerable sums in public equity markets to keep up with its expansion—its expenses for the first half of 2019 total US$2.9 billion, about double the sum from the same period in 2018. Earlier this year, SoftBank scrapped plans to invest US$16 billion in WeWork, instead investing US$2 billion. The company is now looking to raise at least US$10 billion in equity and debt. Banks including JPMorgan and Goldman Sachs have committed to providing US$6 billion in debt by the time of the IPO, which shrinks what it needs to raise in the offering. But people close to the deal say those banks are pressuring WeWork to raise about US$4 billion to keep pace with its growth. That’s just above the sum of US$3.5 billion it said in September 2018 it was hoping to raise when going public.