Jack Dorsey's other company is officially going public.

Square, the payments startup that Dorsey founded in 2009 after leaving Twitter, filed paperwork with the Securities and Exchange Commission on Wednesday to raise up to $275 million in a public offering, though that amount will likely increase. The company intends to trade on the New York Stock Exchange under the ticker "SQ."

This sets up Dorsey to be the rare CEO in charge of two publicly traded businesses simultaneously.

And based on the filing, he will have his work cut out for him.

Proud of what @Square stands for: inclusion and empowerment. — Jack (@jack) October 14, 2015

Square revealed in its filing that it lost $154 million in 2014 on net revenue of $850 million, up from a $104 million net loss the year before on net revenue of $552 million. It posted a net loss of $77.6 million through the first six months of this year.

The counter-argument: Square's annual revenue is fast approaching $1 billion, while losses appear to be improving as a complicated and costly partnership with Starbucks comes to an end. If you believe the payments market is growing, as many do, and you believe that Square can claim a piece of it even if it doesn't become the market leader, then the company may show promise to investors.

Dorsey must now prove to Wall Street that the Square can be profitable, while working to prove to investors that Twitter still has room to grow its user base.

To make matters worse: Square's public offering comes at a time when technology IPOs — and IPOs more broadly — have few and far between amid concerns about China's stock market and the Federal Reserve raising interest rates at home. Square had been rumored to be going public for months.

Dorsey's double duty in the C-suite at both companies is also listed as a risk factor for investors ahead of Square's public offering:

Another concern listed in its filing: "we may not be able to achieve or maintain profitability." Indeed, as Square itself points out, the company "had an accumulated deficit of $473.2 million" as of June 30, 2015. And it intends to continue making "significant investments," which is Silicon Valley speak for "don't expect us to turn a profit anytime soon."

"The strength of this business is more than the money it generates. The collective power of our millions of sellers sustains a scale from which we can build valuable financial services and marketing services, creating reinforcing and virtuous cycles back to our core business of payments," Dorsey wrote in a letter to investors included with the filing. "We intend to make this big."

Square launched with a cute, white dongle to help merchants and small businesses process credit cards on smartphones and tablets. As competition grew in the payments market, Square broadened out to officer more complete point-of-sale systems, digital receipts, an online marketplace, a Venmo-like cash transfer service and more.

Square had raised more than $500 million in venture capital funding and debt financing over the years, putting that much more pressure on the business to go public to make those investors whole.

Dorsey, the cofounder and CEO, also owns nearly one quarter of the company's voting shares, ensuring him far more control over Square than he or his fellow cofounders have at Twitter.