In the cutthroat world of real estate, WeWork drew envy and admiration as it built an empire of sleek work spaces for freelancers, start-ups and Fortune 500 companies alike.

The company planned to cash in on its breakneck expansion with an initial public offering of stock as soon as this month that was expected to give WeWork’s parent company a value that other real estate companies could only dream of.

But those plans now appear to be in jeopardy.

WeWork’s parent, the We Company, is considering selling its shares at a more than 50 percent discount to its valuation from earlier this year, according to two people familiar with the matter. And in recent days, the company has discussed having one of its biggest backers, the Japanese technology giant SoftBank, provide yet more cash and delaying the offering.

If the public offering stumbles or is delayed indefinitely, it would be a big turning point for the often-frothy world of private companies backed by venture capitalists. Skeptics of WeWork who looked on in disbelief at the We Company’s rapid growth — the business is the largest tenant in the Manhattan office space market — would surely feel vindicated.