What's going on?

Airbnb published the prospectus for its long-awaited stock market listing late on Monday, and it�s fair to say it takes the �humble� out of �humble abode�.

What does this mean?

The paperwork Airbnb filed when it announced it�d be �going public� back in August was confidential, so this prospectus finally gave investors a look at what�s going on under the hood. And one of the most surprising revelations was that the company actually made a profit last quarter, even as the pandemic brought travel to a standstill. Airbnb put that down to heavy cost-cutting � particularly in marketing � as well as a pivot toward �staycations� (tweet this).

That resilience has proved itself in other ways too: Airbnb went from a $31 billion valuation in 2017 to just $18 billion in April this year, but it�s aiming to be back up to roughly $30 billion when it lists on the stock market in mid-December.

Why should I care?

The bigger picture: Pick me, pick me.�

Airbnb�s initial public offering (IPO) is one of the most anticipated stock market debuts in the last few years, and it�d be the cherry on the cake that is this blockbuster year for IPOs. But given how busy December�s going to be for new listings, it might still have to vie for investors� attention. Just last week Doordash filed its IPO paperwork: the food delivery app is hoping for a valuation of $25 billion � a long way from the $1.4 billion it was worth in 2018.

Zooming in: Control issues.�
Both Airbnb and Doordash are issuing several types of shares that will give their holders� different levels of voting rights. Their founders will get shares worth 20 votes each, for instance, while retail investors will have to make do with one vote per share. Voting structures like these help make sure the head honchos stay that way � and while investors do generally prefer a more equal approach, it�s not exactly put them off Google-parent Alphabet�