A million dollars isn’t cool. You know what’s cool? A billion dollars. That’s Twitter’s new unofficial mantra as they go public.
Twitter had revenue of $253 million in the first six months of 2013 but it was not profitable, according to its S-1 prospectus, which was made public late Thursday. The company filed the official IPO documents several weeks ago under the new JOBS Act, which allows companies with a market value of less than $1 billion to keep their filing hidden from public view for at least three weeks.
The company said it plans to raise a maximum of $1 billion in the offering, but didn’t say which exchange it will be trading on. Twitter announced on September 12 that it had filed the S-1 with the SEC, but multiple reports said the filing was actually made much earlier, possibly as early as July. In a letter to shareholders, the company said: