Airbnb reportedly has taken out a $1 billion bank loan, a chunk of cash that may help the company achieve its dream of growing beyond home sharing.The San Francisco company secured a debt facility from JPMorgan Chase, Citigroup, Bank of America and Morgan Stanley, Bloomberg reported, citing anonymous sources.A person close to the company confirmed the report to SiliconBeat.Bloomberg reports the extra cash will go toward funding Airbnb s growth and new initiatives.
The company has made a recent push to be thought of as more than a home-sharing platform, announcing a new guidebook feature in April.Airbnb declined to comment on the deal.Valued at $25.5 billion, Airbnb is the third-most valuable private company in the world, according to venture capital database CB Insights.
As one of Silicon Valley s hottest unicorns, the company has long been the subject of speculation about when it will go public.
While it hasn t announced plans for an IPO, Bloomberg suggests that investment banks may be hooking up with Airbnb now in hopes of winning the chance to underwrite its IPO later.Debt may be the new VC funding for some unicorns.
Uber also is reportedly seeking a loan worth up to $2 billion, The Wall Street Journal reported earlier this week.
And music streaming company Spotify raised $1 billion in convertible debt earlier this year.Photo: Screen shot of Airbnb website.