Over the next 12 months the company expects to triple its membership from 14,000 to 46,000 and expand to 60 locations from 21 today and 9 just a year ago ... WeWork will gross an estimated $150 million this year with operating margins of 30%. Current plans will push revenue to more than $400 million next year.
Based on this performance, WeWork recently raised $150 million at an eye popping $1.5 billion valuation.
Several years ago we wrote about the rise of what we called "Big Coworking" - spaces like WeWork that house hundreds of members.
Our view was Big Coworking spaces were going to be required for coworking to become mainstream. We also felt the early success of Big Coworking spaces indicated coworking had reached a growth inflection point.
But even though we saw this coming, I admit to being more than a bit surprised by WeWork's growth, average number of members per location and valuation.
So what does this mean for the rest of the coworking industry?
The good news for the entire industry is WeWork is showing coworking is rapidly becoming a mainstream workplace alternative for startups, independent workers and small businesses.
We also think there's plenty of room for other players. Even with their aggressive growth plans, WeWork is "only" aiming for 46,000 members in 2015.
Since there are about 18 million Americans who work more than 15 hours per week as independent workers - and several million more who work at startups - WeWork will still have just a tiny share of the potential coworking market.
But just as big box retail fundamentally changed that sector - and put a lot of small and mid-sized retailers out of business - the coworking and broader office-as-a-service industries will have to learn to adjust to Big Coworking competition.
The infographic below is from the Forbes article and shows that WeWork and Big Coworking are definitely for real. It also shows coworking is well on it's way to becoming a mainstream service.