WeWork left a stain on the IPO market. What comes next for 2020?

2020 IPOs will generate a lot of buzz in the coming months. With the S&P 500 ripping to record highs after a more than 26% return, how will venture-backed firms take to the market?

Investors have questioned valuations, governance, and cash burn from firms backed by Silicon Valley. Shares of Uber and Lyft have underperformed since going public. And the recent collapse of WeWork’s planned IPO and the ensuing fallout brings a number of questions about companies for the year ahead.

Airbnb and other 2020 IPOs

The home-sharing giant is likely the most anticipated IPO of next year. However, it’s certainly not one that needs the money. In fact, the company has shown more of a desire to engage in a direct listing instead of an IPO. The New York Stock Exchange is working on a plan with the SEC after the agency rejected the exchange’s plan to let companies raise cash and execute a direct listing at the same time.

Airbnb has raised about $4.4 billion to date and has a valuation of roughly $31 billion. That said it does face several challenges. The firm faces questions about big Q2 financial losses, privacy, taxes, and regulations, and the uptick in new competition.

Would DoorDash Go Public?

DoorDash is another firm considering a direct listing, and it could list in 2020. That said, the firm is not profitable and competes in the insanely competitive food-delivery industry.

A direct listing would allow the firm to let current shareholders sell their stock and avoid any public-upheaval over the risks listed in a roadshow presentation. The firm has raised about $2 billion and holds a $13 billion valuation. That said, it feels more like a company with far more downside than upside as an IPO next year.

Robinhood Still Faces Questions

There was a time that Robinhood was darling of the venture world. Today, there are more questions about its future than ever. The company burst onto the scene a few years ago with a disruptive platform that allowed users to buy and sell stock without commissions. In November, the firm announced that it had reached 10 million users.

That said, the company’s revenue doesn’t appear to be very big. It also took a blow after discount brokerages like TDAmeritrade and Charles Schwab eliminated trading commissions. Robinhood has about a $7.6 billion valuation and has raised a little less than $1 billion. The company would face a number of questions about its failed pivot to banking services earlier this year.

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