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Tempo is the latest company to join the pack, announcing it raised $17.5 million for its Series A round and will start taking pre-orders for its system, which will start shipping this summer.

Providing live and on-demand strength and high intensity interval training classes, Tempo uses artificial intelligence to make home workouts more like personal training sessions.

The system鈥檚 sensors scan users movements and uses machine learning to prepare workouts for users based on their progress, according to a statement from the company. Tempo counts a user鈥檚 reps, recommends weights and gives real-time corrections for a user鈥檚 technique–key benefits of having a personal trainer without the steep hourly cost.

鈥淭he real groundbreaking thing is helping people work out effectively and safely at home,鈥� Tempo CEO Moawia Eldeeb said in an interview with 附近上门 News.聽 鈥淎nd to be able to do that you need to train.鈥�

The Tempo system鈥檚 predecessor, , was essentially the data collection process for the whole product, Eldeeb said. SmartSpot was in gyms for about three years, capturing more than 1 million sessions to feed Tempo鈥檚 AI.

Tempo鈥檚 system, like most other tech-enabled home fitness equipment, doesn鈥檛 come cheap. The price for the full station is $1,995 and the monthly content subscription is $39.

Connected fitness is a popular space that has received more than a billion dollars in VC funding overall. leads the pack, as it raised more than $994 million as a private company.

But what sets Tempo apart, Eldeeb said, is the personal training aspect. It鈥檚 not just watching a workout on a screen and mirroring the motions–Tempo will correct users if their form is wrong so they perform the moves safely and effectively.

鈥淲hat鈥檚 the difference between having a VHS and dumbbells at home?鈥� Eldeeb said of other connected fitness systems. 鈥淵ou鈥檙e packaging it in a nicer-looking design. But it鈥檚 the 21st century, it should be groundbreaking.鈥�

During live classes, trainers also have dashboards where they can see how users are performing moves. If, say, 20 percent of the class is doing a move incorrectly, the trainer can alert the whole class.

Tempo pitched 10 investors for the Series A, and many actually came into the company鈥檚 office to try out the product, Eldeeb said. The company ended up with eight term sheets, and the investors Tempo ultimately picked were those the company felt were 鈥渋n it for the long-haul鈥� and had a passion for fitness.

,, and are among the company鈥檚 investors.

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When filed to go public, the consumer-exercise phenom received wall-to-wall coverage. Given the company’s high marketing spend, its brand was well known even by non-users. So, the press couldn’t help itself. 附近上门 News included.

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Investors seemed similarly intrigued. After setting a $26 to $29 per-share IPO price range, Peloton, fueled by , was set to roughly double its . Eventually pricing at $29 per share, Peloton started life as a public company worth about $8.1 billion.

But then things went off the rails. Peloton opened at $27 per share and closed its first day as a public company worth under $26 per share. The result looked like a sharp rebuke of the company’s newly-extended valuation. And as , , , and others struggled as public companies Peloton was looped into the idea that investors were clamping down valuation — and, therefore, revenue multiples — for tech-ish companies not selling software.

Software companies sport high margins, and a high percentage of their revenue often recurs. The market values that particular cocktail richly, especially in recent quarters. When Peloton’s shares were falling alongside those of many of its newly-public brethren, it appeared that the market was cutting the prices of tech-enabled companies, in contrast to how it valued tech companies themselves.1

But then something odd happened: Peloton’s shares rallied. The company, which reported earnings on Nov. 5, has recently seen its shares price not only recover from declines but surge past its IPO price. Heading into trading today, Peloton is worth $30.25 per share, after surging over 11 percent yesterday. In snark-parlance, this is called a narrative violation.

For Peloton shareholders, it’s a welcome result. But what does it mean for startups?

Growth, Loss

In recent years, the startup mantra has been something like ‘growth at all costs.’ Investors liked high-growth companies, and have been more willing to overlook massive losses if a company reported quickly growing revenue. The idea has been that if high-growth, cash-burning companies are well-funded, they can grow quickly and eventually turn a profit, bringing in outsized returns for their investors.

It’s only been recently (within the past few months) that disappointing IPOs have turned people’s attention toward unit economics and profitability. But maybe that was just a brief distraction, and growth is back en vogue.

We’ll be able to tell by looking at how other high-growth, money-losing companies perform on the public markets to tell us if growth really is back in; in contrast, if other companies that fit the bill don’t see rising values, Peloton would be merely bucking a trend instead of showing that the trend itself is changing.

The public markets haven’t been kind to unicorns like Uber and Lyft, but if their stock starts to rise, it could be an indication that investors have more faith in high-growth companies than has been the sentiment recently.

A change in market sentiment could also have an impact on the IPO market. While 2019 has seen a crop of lackluster IPOs (the stock prices of companies being below the set price on its first day of trading and beyond), a shift in attitude back towards fast growth being more important than profits could allow for better public market reception of companies that still lose money.

Time and market activity will tell.

滨濒濒耻蝉迟谤补迟颈辞苍:听

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But those developments are not reflected in funding numbers for the just-ended quarter. 附近上门 data shows that investment in U.S. and Canadian startups was still rolling along at historically high levels in Q3.

Overall, investors put $36.16 billion to work across all stages in the third quarter, according to projected totals for North American startups. That鈥檚 up a bit from Q2 and a median performance relative to the past five quarters.

Deal counts were up, too. In the just-ended quarter, 附近上门 projects that investors backed a total of 3,563 funding rounds, the highest tally in five quarters, by a smidgen. A pickup in deal-making at the angel and seed stage boosted the Q3 totals.

It was also a strong quarter for exits, albeit with several instances of some weak aftermarket IPO performance. More than 20 private, venture-backed companies carried out public offerings (our running list of 2019 IPOs is here). M&A was also not bad, with a number of deals .

Below, we chart and analyze the numbers in more detail, focusing on investment totals, deal counts, stage-by-stage dealmaking, and exits.

Total Funding And Round Counts

First, we鈥檒l look at funding totals for the quarter. The chart below tallies up investment across all stages, from seed through technology growth.

As you can see, no slowdown here, at least looking at the overall numbers. The chart does show a decline in early stage investment, which could be a worrisome sign. More on that as we look at stage-by-stage trends.

Next, let鈥檚 take a peek at round counts in the chart below:

The broad takeaway here is that round count totals were comparatively high in Q3, with a rise in seed-stage financings compensating for a dip in early-stage dealmaking. Now, let鈥檚 take a closer look at what鈥檚 happening at each stage.

Seed

It all starts at seed stage, so we鈥檒l begin here. The big picture: Seed deals got bigger on average from year-ago levels, and there were more of them.

Investors put $1.92 billion into seed-stage deals in Q3, per 附近上门 projections. That鈥檚 up sharply from Q2 and the highest total in five quarters. Projected seed funding deal counts were up as well in Q3, with the total expected to slightly exceed 2,200.

One of the factors behind the rise in seed funding totals is an increase in what 附近上门 calls 鈥渟upergiant seed rounds,鈥� or seed deals of $5 million or more. Rounds of this size used to be a rarity, but have become much more common in the past couple of years.

Early Stage

Early-stage dealmaking (Series A and B) was less robust in Q3 compared to other recent quarters.

Overall, startups raised $11.5 billion in early-stage funding in Q3. That鈥檚 about on par with year-ago levels, but represents a drop of 14 percent from Q2 totals.

Round counts, meanwhile, showed deeper contraction. A total of 1,045 companies are projected to close a Series A or B round in Q3鈥攖he lowest level in five quarters. In all, third quarter round counts are down around 12 percent from Q2 and year-ago levels.

In the charts below, we look at both round counts and investment totals for early-stage over the past five quarters:

At the moment, it鈥檚 unclear what drove the decline in early-stage investment and deal counts. There鈥檚 a lot of money sloshing around the venture space, so it鈥檚 likely not about capital shortages and more about investors not finding as many candidates that they wanted to back.

That said, there were plenty of really large early-stage rounds in Q3, for companies in a broad range of industries. We list a few of the largest below:

Late Stage

While we saw some faltering in early-stage funding in Q3, late-stage held strong.

North American companies raised $20.9 billion in late stage rounds (Series C and beyond) over the course of the quarter. That鈥檚 a rise of 14 percent from Q2 and up 11 percent from the same period last year.

Round counts totaled 282 – about average for the past five quarters, with median round size flat.

A few really large later-stage rounds played a big role in boosting the quarterly totals. Below, we look at some of the largest Q3 funding recipients in North America:

Technology Growth

Technology growth is the most volatile category 附近上门 tracks, as there are few deals at this stage and they occasionally are huge enough that a single deal moves the quarterly totals.

For Q3, tech growth deals brought in $1.83 billion across 24 rounds.

IPOs

So, enough about money going into startups. What about companies actually providing some returns?

Turns out, the third quarter was a pretty good one in terms of venture-backed tech and healthcare companies making it to market. At least 21 such companies carried out IPOs in Q3 ().

Aftermarket performance, however, was more up-and-down, with some high-buzz companies seeing share prices fall sharply following their debuts, while others held on to gains.

Software unicorns, including and , confirmed there鈥檚 still plenty of demand from public investors for high-growth software plays. Disappointing debuts by high-end fitness startup and teeth-straightening provider indicated investors have less appetite for sustaining sky-high valuations in other sectors.

In the chart below, we look at five of the largest venture-backed IPOs of the quarter, based on capital raised.

M&A

Now, onto M&A. While acquisitions don鈥檛 provide as much buzz as a blockbuster IPO, they do account for a majority of startup exits.

Since many acquisitions are of undisclosed size, it鈥檚 difficult to gauge the returns they鈥檙e generating. However, we can look at the handful of large M&A deals for the quarters as at least a partial indicator of what acquirers are willing to pay a lot to buy.

With that in mind, the chart below looks at five of the largest disclosed-price M&A deals of the quarter involving venture-backed tech and biotech companies:

The Big Picture

The Q3 numbers, overall, point to a pretty strong funding environment. However, there is reason for greater concern than the numbers might seem to warrant.

That鈥檚 because a lot of warning signs for the startup and unicorn space cropped up towards the end of the quarter. These include the WeWork IPO drama, disappointing Peloton and SmileDirectClub debuts, and a growing sentiment that private investors may have overshot in valuations assigned to high-growth companies outside the software space.

As 2019 enters its final quarter, the exuberance that defined the unicorn space for most of the year is leveling down some. We鈥檙e not saying the party鈥檚 over, but it might be winding down a bit.

Methodology

The data contained in this report comes directly from 附近上门, and in two varieties: projected data and reported data.

附近上门 uses projections for global and U.S. trend analysis. Projections are based on historical patterns in late reporting, which are most pronounced at the earliest stages of venture activity. Using projected data helps prevent undercounting or reporting skewed trends that only correct over time. All projected values are noted accordingly.

Certain metrics, like mean and median reported round sizes, were generated using only reported data. Unlike with projected data, 附近上门 calculates these kinds of metrics based only on the data it currently has. Just like with projected data, reported data will be properly indicated.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 附近上门 converts foreign currencies to US dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs, and other financial events as reported. Even if those events were added to 附近上门 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of Funding Terms

• Seed/Angel include financings that are classified as a seed or angel, including accelerator fundings and equity crowdfunding below $5 million.
• Early stage venture include financings that are classified as a Series A or B, venture rounds without a designated series that are below $15M, and equity crowdfunding above $5 million.
• Late stage venture include financings that are classified as a Series C+ and venture rounds greater than $15M.
• Technology Growth include private equity investments with participation from venture investors.

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Today, both Uber and Lyft鈥檚 stocks reached their lowest prices since they began trading earlier this year. Uber鈥檚 stock hit a low of $28.65 before closing at $29.15, while Lyft hit $38.68 and closed at $39.57.

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The companies are down 39 percent and 56 percent, respectively, from their all-time highs. Lyft went public in March and priced at $72 per share and saw its stock surge when it began trading on the public market. Its stock closed 9 percent higher than its IPO price. It went on to reach a high of $88.60 before retreating.

Uber, on the other hand, made its public debut on the New York Stock Exchange in May, and closed its first day of trading lower than its already disappointing IPO price. The company had priced at $45 per share, but started trading at $42 apiece.

Uber鈥檚 market cap is now at $49.6 billion and Lyft is at $11.6 billion, according to Yahoo Finance. The two companies were worth a maximum of $72 billion and $15.1 billion respectively according to private investors, before they went public.

Context

In other buzzy startup IPO news, high-end fitness company 鈥檚 stock is down about 10 percent after its public debut last week. The company priced its shares at $29 each, at the top of its range, but opened nearly 7 percent lower than its IPO price on its first day of trading. It ended its first day of trading about 11 percent lower than its IPO price.

Today Peloton closed at $22.51 per share.

Today is merely a snapshot for any trading company. But the picture developed by some companies expected to be the hottest debuts of 2019, the day鈥檚 results underline how not everything you snap comes out looking like you expected.

Illustration Credit:

Fitness startup 鈥檚 stock closed at $25.76 per share on its first day of trading, about 11 percent lower than its IPO price.

The company’s shares opened nearly 7 percent lower than its IPO price and continued to decline throughout the day. Peloton priced its shares at $29 each on Wednesday, at the top of its range. It raised $1.16 billion with its initial public offering, which sold 40 million shares.

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Its debut on the public markets–it鈥檚 trading on the Nasdaq under the ticker 鈥淧TON鈥�–was less than impressive. The company鈥檚 stock was trading at $26.92 around 1:15 p.m. EST. But still, it was within the pricing range of $26 to $29 per share that the company previously set.

Peloton is known for its high-end (we鈥檙e talking nearly $2,000) stationary bike and streaming workouts. The company reported having 1.4 million members so far in its S-1 filing, and recorded 58 million workouts in fiscal 2019.

New York鈥檚 Peloton raised nearly $1 billion in total funding as a private company, and last had a valuation of $4.15 billion. and are among its investors.

The company鈥檚 revenue has been rising fast, increasing 110 percent from $435 million in fiscal 2018 to $915 million in fiscal 2019.

Peloton joins a slew of other consumer-facing tech or tech-adjacent startups to go public this year, including , , and . It also joins Uber and SmileDirectClub in having its stock price open lower than its set IPO price on its first day of trading.

In other IPOs Thursday, financial services startup went public, opening at $15.70 per share, above its IPO price of $15. While a fintech startup isn鈥檛 as splashy as Peloton, there鈥檚 something to be said about one鈥檚 stock opening higher than its IPO price on its first day.

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The company, which will begin trading on the Nasdaq under the ticker 鈥淧TON,鈥� raised $1.16 billion in its initial public offering by selling 40 million shares. Peloton expected to price its equity at between $26 and $29 per share.

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The New York-based fitness hardware company, known for its nearly $2000 stationary exercise bike and streaming workouts, confidentially filed to go public back in June. We covered its S-1 and its funding history, which you can read about here and here.

The Numbers

Peloton raised while private, with its most recent raise totalling, according to 附近上门 data. The company last had a private valuation of $4.15 billion and was backed by investors like and along its road to the public market.s.

Peloton鈥檚 reported revenue of $915 million in its fiscal 2019, up sharply from its $435 million total revenue in its fiscal 2018. That鈥檚 a gain of 110 percent. But its losses also mounted–the company reported a net loss of $195.6 million in fiscal 2019, compared to $47.9 million in fiscal 2018.

During that time frame, Peloton ramped up its spending on sales and marketing. It spent $314 million on sales and marketing in fiscal 2019, more than double the $151.4 million it spent on the line item in fiscal 2018.

The marketing efforts must have paid off, as Peloton quickly became a well-known consumer favorite, heralded for its pricey bike and home workouts.

The company鈥檚 customer base is growing, with 1.4 million Peloton members so far, per its S-1. Customers can choose from Peloton鈥檚 bike, treadmill, and fitness subscription services, and the company said in its S-1 filing that its fastest growing demographic is people under 35 years old and with household incomes under $75,000.

Check back when Peloton starts trading on the public market.

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, in vacation mode,聽, so I鈥檒l keep this one short, sassy, and sweet.

Want this email every weekend? Subscribe here to 附近上门 News emails!

This week聽听丑颈驳丑濒颈驳丑迟别诲听amazing immigrant founders, covered聽treadmills, and pulse checked聽upcoming IPOs, so let鈥檚 get right into it.

Starting with the big one, Peloton, an exercise equipment company which sells 鈥渉appiness,鈥� filed its S-1. Here鈥檚 a聽deep dive on the big numbers, and then聽skim this for talking points聽so you sound smart at your next networking event.

After that, keep reading along with our piece on how聽early-stage international transportation startups aren鈥檛 intimidated by Uber. And in an odd turn of events,聽a 7-year-old startup bought Lord & Taylor, a 193-year-old department store chain.

Moving to some nine-figure funding rounds,聽Enjoy raised $150 million听补苍诲听ThoughtSpot got to unicorn status聽with its $248 million Series E. Smaller rounds include聽The Long Term Stock Exchange raising $50 million听补苍诲听Ethos raising $60 million, completing its third raise in 14 months. More, as always, in聽Last Week In Venture.

We switched sides of the table with a few new international funds this week: to invest in homegrown startups, Latin America鈥檚 Kaszek Ventures聽closed two funds totaling $600 million, and Israel鈥檚聽F2 Capital raised $75 million for its second fund.

Finally, jokes aside, for those of you that do have Monday off: I dare you to not be online all day. As I unpack in my聽second edition of the Loneliness In Tech series, using social media, at a certain point, makes us more lonely, not more connected.

We all stare at screens enough already, so take advantage of a couple face-to-face moments with friends and family instead.

Until next week,

滨濒濒耻蝉迟谤补迟颈辞苍:听.

P.S.聽Follow our newest reporter, Sophia Kunthara聽(@SophiaKunthara)听补苍诲听附近上门聽News聽on聽Twitter听补苍诲听Facebook聽for daily updates.

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The popular exercise company . You can read our full notes here.

This is what you need to know:

• Peloton’s revenue in its most recent fiscal year was $915 million, up more than 4x from 2017.
• That growth was expensive. Peloton’s sales costs have shot higher in recent quarters.
• The company’s net loss ($195.6 million in its fiscal 2019) was up more than 4x from its fiscal 2018 deficit.

Peloton also consumes cash to fund its operations and investing activities.

The firm’s growth will make it attractive to investors chasing quickly expanding companies. Its losses as a percent of revenue are not staggering. And if Peloton can moderate its sales costs, it could draw a path to profitability.

滨濒濒耻蝉迟谤补迟颈辞苍:听

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In June, we covered how the company had confidentially filed to go public. So, as we reported at that time, this news is not shocking. In February, Alex detailed the New York-based company鈥檚 funding history in advance of the big day. Since it was founded in 2012, Peloton has raised . Its most recent raise was that was announced last August at . Backers include many heavyweight investors such as , and among many others.

Since its first outside financing, raised through a which nabbed (less Kickstarter鈥檚 marketplace fee) back in July 2013, Peloton raised in private-market financing.

In terms of growth, the company cited over 1.4 million members to date, inspiring more than 58 million Peloton workouts in fiscal year 2019. Its current product portfolio is made up of its bikes, Treadmill, and fitness and wellness subscription services, which can hover around $39 a month. Digital subscribers pay $19.49 a month just to access Peloton content on their smartphones.

Interestingly, the company noted that it grew its 鈥淐onnected Fitness Subscribers鈥� from 35,135 as of June 30, 2016, to 511,202 as of June 30, 2019, representing annualized growth of approximately 144.1 percent.

Metrics disclosed in the company鈥檚 S-1 indicate that Peloton users are becoming more engaged with the connected subscription service as well. In the fiscal year ending June 30, 2019, Peloton subscribers logged an average of 11.5 workouts per month, compared to an average of 7.5 workouts per month in the year ending June 30, 2017. This could indicate that Peloton鈥檚 investments in cultivating a network of fitness instructors, and the content they create, has paid off.

The company鈥檚 fastest growing demographic is 鈥渃onsumers under 35 years old and those with household incomes under $75,000,鈥� it says .

Peloton, which is looking to be listed on the Nasdaq under the ticker symbol “PTON,” has seen explosive growth over the years–and it counts that as a risk factor. The company noted in its filing that it grew from 443 employees in June 2017 to 1,950 employees in June 2019.

Inside The Gears Of Peloton鈥檚 Business

In its filing, the company revealed some impressive revenue figures. For fiscal 2019, Peloton reported revenue of $915 million, up 110 percent compared to $435 million in fiscal 2018. That鈥檚 more than four times the $218.6 million in revenue it saw in fiscal 2017. (Peloton鈥檚 fiscal year ends June 30 of each calendar year.)

However, its net losses also increased over the same timeframe. According to the filing,

Peloton posted a net loss of $195.6 million in fiscal 2019, way up from a net loss of $47.9 million in fiscal 2018 and one of $71.1 million in fiscal 2017.

While it is common for companies growing quickly to run deficits, a four-fold increase in net losses is not attractive. The company鈥檚 sales and marketing costs appear to blame, growing from $151.4 million in its fiscal 2018 to $324 million in its fiscal 2019. That鈥檚 more than double; Peloton鈥檚 sales and marketing costs also roughly doubled from its fiscal 2017 to its fiscal 2018.

Peloton鈥檚 growth has not come cheaply.

Indeed, the company has gone from generating cash from its operations to sharply negative operating cash flow. In its fiscal 2018, Peloton鈥檚 operating activities generated $49.7 million in cash. In its fiscal 2019, that number swung to negative $108.6 million.

Coupled to the company鈥檚 increasingly negative investing cash flow (negative $10.2 million, negative $56.7 million, and negative $297.5 million in its fiscal 2017, 2018, and 2019), Peloton is probably going public to further pad its accounts. The firm did report $162.1 million in cash and equivalents along with $216 million in marketable securities at the end of its fiscal 2019. That will last for a good while, but not forever at the company鈥檚 current pace of cash consumption.

Margins

A key question going into the company鈥檚 S-1 filing dealt with the company鈥檚 margins. Namely, what was its blended margin result of its aggregate revenue, and what sort of margin could it derive from its hardware revenues and software incomes, respectively.

Looking at its fiscal 2019, Peloton鈥檚 blended gross margin was about 42 percent. That鈥檚 not bad at all, given the company鈥檚 quick revenue growth. Hardware (鈥淐onnected Fitness Products鈥�) had gross margins of 43 percent in the fiscal year, better than we anticipated.

However, the company鈥檚 recurring digital classes revenue (鈥淪ubscription鈥�) had margins of roughly 43 percent as well. That is lower than we anticipated. Happily for Peloton, selling bikes is a better business than expected, more than making up for its more-expensive-than-expected subscription incomes.

Who Owns What

Finally, let鈥檚 get into the facts and figures relating to ownership. In other words, which venture capital fund is celebrating its bet.

On page 132 of , the breakdown of investors can be found.

The CEO of Peloton, , received 15,169,568 Class B shares, or 6.2% of total shares. William Lynch, the president of the company, received half of that — 7,502,716 Class B shares, or 3.1% of shares.

There were three executive women listed in this portion of Peloton鈥檚 S-1: Jill Woodworth, Karen Boone, and Pamela Thomas-Graham. Woodworth, the company鈥檚 CFO, received 3,500,000 shares, while Boone and Thomas-Graham got 600,000 each.

鈥� got 28,369,274 shares, and got 46,721,427 shares, more than any other investor or executive listed on the S-1.

Peloton brought on Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch and others as underwriters for the IPO.

滨濒濒耻蝉迟谤补迟颈辞苍:听

After a busy year, today’s technology and venture-backed technology IPO pipeline is light. But while the present-day pipeline of public IPOs is low there are a few big offerings that are expected to land shortly. So let’s examine both this morning.

Upcoming, Expected

The upcoming IPO pipeline (附近上门 News tracks tech and venture-backed offerings on U.S. exchanges, including companies headquartered in other countries who choose to float here) contains a single, known offering. It’s , a China-based company that is to raise around $34 million in its debut.

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And that’s where the expected roll ends. It’s a short list. You can pick a reason why, but what matters is that the unicorn IPO run has come to a pause. So, let’s look at who is supposed to get out soon.

Big Names

There are two large, expected tech and venture-backed IPOs coming later this year that we have have our eye on, those belonging to and .

WeWork is expected to go public in September. The company is fitting a number of pieces together for its debut. First, it’s raising debt to avoid an oversized IPO. Why is it raising debt before it goes public? As WeWork consumes cash to operate, it needs to raise capital in its public offering. Raising debt before is a way to limit future equity dilution.

As we’ve mentioned on these pages quite often, WeWork’s rich valuation may prove difficult to defend when it goes public. The company will stress its growth (fast!), its growing stable of software tools (neat!), and the economics of its buildings once occupied (supposedly good!). Against it are public-market comps that are priced very differently, and staggering losses.

Not since have we looked forward to an S-1 more.1

Cloudflare is a simpler beast. Back in the news over its decision to end digital protection for the odious 8chan, Cloudflare is a critical part of how the Internet works. Therefore, its numbers will also be incredibly interesting. Cloudflare most recently , meaning that its public offering will be sizeable.

The latest regarding Cloudflare’s offering is that it filed privately this summer, and will float in September (credit for breaking the news). This IPO won’t make the same splash as WeWork’s own, but I am stoked at the prospect of checking out the company’s gross margins.

And that’s where the list of expected, major offerings ends this morning.

There are other, anticipated offerings, but it’s a somewhat soggy list. Here are some companies long expected to go public, and why we don’t anticipate incipient S-1s:

• : This company just raised a bunch of money at a new valuation. It’s busy putting that money to work. And, given media coverage of some of the that led to the embarrassing “bank account” situation, the company probably still has some growing up to do before it goes public.
• : Postmates has filed, but we haven’t heard anything regarding its public S-1 landing soon. Not that we wouldn’t welcome such an occurrence, we just don’t see it happening in the next month or two. You can read our latest coverage of the company’s IPO march here. (The Postmates S-1 will be fun not only because Postmates is itself a neat company, but because it will also shed light on the on-demand space in new detail.)
• : Towards the end of every year every publication says that Airbnb could go public in the coming annum. And here we are, with no public Airbnb shares yet again.
• : A dark horse in the IPO chronicles, the social-media popular in-home exercise, and bragging-rights company is going to post an IPO document in time, detailing a mix of hardware (stationary bikes! treadmills!) and software (recurring fees for digitally-delivered classes) that will generate a fascinating blended gross margin figure. We’re stoked. But here again, other than expectant scuttlebutt there isn’t too much to report.

What we do expect are more SaaS-style offerings from mid-range unicorns. Yes, SaaS stocks have had a tough run of it over the last few days, but the category is still valued historically-high multiples.

There’s a jinx factor in saying that some companies aren’t set to go public quickly. I’m fine with that. If I accidentally induce, say, Postmates to publicly file then I’ll have committed a public service. More when we get any sort of new S-1.

滨濒濒耻蝉迟谤补迟颈辞苍:听