WeWork is now worth more than real estate investment trusts like Boston Properties and Vornado Realty Trust following the latest funding round that pegged its valuation at $20 billion, according to Forbes.
The co-working colossus raised $760 million in a Series G funding round, Forbes reported. Sources said the latest infusion puts WeWork’s valuation at $20 billion, topping Boston Properties’ market cap of $18.25 billion and Vornado’s $17.7 billion.
According to paperwork filed with the Delaware Secretary of State June 30, WeWork issued 13.2 million new shares of preferred stock at $57.90. The investor behind the latest round could not be identified, and WeWork declined to provide a comment to Forbes.
The fundraising follows a $300 million investment Japan-based Softbank made in March that reportedly valued the company at $17 billion. WeWork CEO Adam Neumann last month confirmed that the company plans to go public, but said he still hadn’t decided when and where to list its shares.