WeWork joined the ranks of Uber and other money-losing startups Wednesday when it revealed it’s bleeding cash ahead of an IPO.

The parent company of WeWork, the $47 billion landlord for upscale co-working spaces, filed for its long-awaited initial public offering by revealing a $900 million loss in the first half of 2019 alone — up 25% from last year.

Since 2016, the company has racked up $4.2 billion in net losses, mostly from up-front investments, it told investors in a 383-page filing.

The We Company, which owns WeWork and other related subsidies, said it has never made a profit and has no plans to do so in the foreseeable future as it spends money to expand across the globe.

That makes WeWork the latest in a series of large, mostly tech companies to turn to public markets to raise money this year despite being unprofitable.

Analysts will often forgive WeWork’s losses by comparing it to Amazon, which is famous for spending more than it makes in order to dominate a market, like book sales or food delivery.

“The company appears to be following the Amazon model: Focus on building out infrastructure and achieving brand ubiquity first, then flip the switch on profitability later,” according to an analyst report by CB Insights.

But Amazon IPO’ed in 1997, when tech stocks were all the rage. Today, Wall Street is punishing even former Silicon Valley darlings, like Uber, for not making money.

Uber, which lost $1.8 billion in 2018, plummeted 25% in its May IPO — and investors sent the stock down another 6.8% last week after the company said it lost a record $5 billion in the second quarter due to costs associated with the public offering.

That could spell trouble for WeWork, which posted financials that look worse than Uber’s when it comes to losses as a percentage of revenue.

Last year, WeWork lost $1.6 billion, even after taking in $1.8 billion in revenue, according to the filing.

That’s a steeper deficit than Uber during that same period, which posted an adjusted loss of $1.9 billion on $11 billion in revenue.

WeWork CEO Adam Neumann likes to compare the company to tech giants, like Uber and Airbnb, when explaining his business model.

“We happen to need buildings just like Uber happens to need cars, just like Airbnb happens to need apartments,” Neumann told the Wall Street Journal in 2014.

But unlike Uber and Airbnb, WeWork’s business — subleasing office space — requires fixed costs in the form of leases paid to landlords.

WeWork also pays to renovate the spaces it leases and to add amenities like furniture and free coffee and beer — pushing expenses about twice as high as revenue every year since 2016, according to the filing.

The company has also been investing in a ton of side businesses, including a gym, a child care company and a coding boot camp.

It’s still unclear how much money WeWork is looking to raise, though reports have said it’s around $3.5 billion. The date of the IPO, or which exchange it will be on, has also not been announced.

Additional reporting by Lois Weiss