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Airbnb raises $3.5B in IPO

Airbnb CEO Brian Chesky (Credit: Airbnb)

Airbnb raised $3.5 billion in its IPO at a fully diluted valuation of around $47.3 billion, and will begin trading on the New York Stock Exchange today, WSJ first reported. This is the culmination of a remarkable rebound for the hospitality giant, which many counted out once the pandemic began its rampage.

  • Financials: Airbnb reports nearly a $700 million net loss on $2.5 billion in revenue for the first nine months of 2020, versus a $322 million net loss on $3.7 billion in revenue for the year earlier period. But it also reports $219 million in profits for the third quarter of 2020, as bookings rebounded, Axios noted.
  • Hot IPO market: In a sign of the strength of the IPO market, DoorDash’s stock soared in its debut yesterday, with the food-delivery company’s shares closing up 86% over an IPO price that also exceeded earlier expectations. [WSJ+Axios]

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