<p>Airbnb said Wednesday that it had confidentially filed to go public, taking a key step toward one of the largest public market debuts in a generation of “sharing economy” startups.</p>.<p>A public offering by the company, which lets people rent out their spare rooms or homes to travellers, would cap a volatile year in which its business was devastated by the spread of the coronavirus. Airbnb had been privately valued at $31 billion before this year and the company must now convince investors that it can thrive and turn a profit in a new era of limited travel.</p>.<p>Airbnb declined to comment beyond its brief announcement.</p>.<p>Airbnb’s offering would signal the end of an era for the first wave of highly valued startup “unicorns,” many of which were founded in the recession of 2008 and then rode a wave of growth fueled by smartphones, gig work and copious amounts of venture capital. In recent years, many of Airbnb’s well-known “sharing economy” peers have gone public (Uber and Lyft), sold themselves (Postmates) or unravelled spectacularly (WeWork).</p>.<p>Its debut will most likely be helped by an ebullient stock market, which has remained robust despite the economic destruction caused by the pandemic. On Tuesday, the S&P 500 hit a new high as investors focused on signs that the worst might be over.</p>.<p>Airbnb was founded in 2008 by Brian Chesky, Nathan Blecharczyk and Joe Gebbia as a way to help people make money renting out their spare rooms. The platform has spread to almost every country.</p>.<p>Airbnb takes a cut of the stays and activities that its rental operators book. It has come closer to turning a profit than Uber or WeWork — until the coronavirus evaporated more than $1 billion of bookings almost overnight. In the spring, Airbnb projected its revenue for 2020 would drop to half of the $4.8 billion it brought in last year. The company quickly cut costs, raised emergency funding, laid off almost 2,000 employees and shelved its plans to go public.</p>.<p>Last month, Chesky announced to employees that Airbnb had resumed its plans to go public.</p>
<p>Airbnb said Wednesday that it had confidentially filed to go public, taking a key step toward one of the largest public market debuts in a generation of “sharing economy” startups.</p>.<p>A public offering by the company, which lets people rent out their spare rooms or homes to travellers, would cap a volatile year in which its business was devastated by the spread of the coronavirus. Airbnb had been privately valued at $31 billion before this year and the company must now convince investors that it can thrive and turn a profit in a new era of limited travel.</p>.<p>Airbnb declined to comment beyond its brief announcement.</p>.<p>Airbnb’s offering would signal the end of an era for the first wave of highly valued startup “unicorns,” many of which were founded in the recession of 2008 and then rode a wave of growth fueled by smartphones, gig work and copious amounts of venture capital. In recent years, many of Airbnb’s well-known “sharing economy” peers have gone public (Uber and Lyft), sold themselves (Postmates) or unravelled spectacularly (WeWork).</p>.<p>Its debut will most likely be helped by an ebullient stock market, which has remained robust despite the economic destruction caused by the pandemic. On Tuesday, the S&P 500 hit a new high as investors focused on signs that the worst might be over.</p>.<p>Airbnb was founded in 2008 by Brian Chesky, Nathan Blecharczyk and Joe Gebbia as a way to help people make money renting out their spare rooms. The platform has spread to almost every country.</p>.<p>Airbnb takes a cut of the stays and activities that its rental operators book. It has come closer to turning a profit than Uber or WeWork — until the coronavirus evaporated more than $1 billion of bookings almost overnight. In the spring, Airbnb projected its revenue for 2020 would drop to half of the $4.8 billion it brought in last year. The company quickly cut costs, raised emergency funding, laid off almost 2,000 employees and shelved its plans to go public.</p>.<p>Last month, Chesky announced to employees that Airbnb had resumed its plans to go public.</p>