What's going on?

The company behind coworking office space giant WeWork delayed its long-awaited and hotly debated initial public offering (IPO) � but it�s StillWorking to make its stock market debut later this year (tweet this).

What does this mean?

Privately owned WeWork initially aimed to raise over $3 billion from public investors, having valued the company at $47 billion. But after InvestorsWorked over the company�s finances, they appeared to balk at WeWork�s near $2 billion of annual losses. And even a later reduction in the company’s valuation to below $20 billion didn�t seem to change their minds. Some worried the founder would have too much sway over the company�s decision-making � and that, having already cashed out some $700 million, he may NotWork hard enough.

Why should I care?

For markets: IPO markets � toppy, but not sloppy.

Forecasts for low stock market returns this year have perhaps led investors to look for profits in often-risky alternative investments and newly listed stocks. But WeWork�s shown that investors won�t buy just anything. They may have learned a lesson from SmileDirectClub�s disappointing debut last week � not to mention Lyft and Uber, whose shares are languishing at or below their IPO prices. Lucky for WeWork, there are some investors who believe in second chances: after failing to make its July AttemptWork, the world�s biggest beer brewer AB InBev is again trying to serve up shares of its Asian business in a Hong Kong IPO � and investors are set to gulp it down.

The bigger picture: Dominoes may fall.

WeWork has $2.5 billion in the bank, but its losses aren�t likely to shrink any time soon. An IPO would deepen the company�s pockets, else it�ll likely turn to its largest private investor, SoftBank, which has already agreed to open its coffers early next year. That�ll keep the free beer flowing, but WeWork could struggle if it delays listing for too much longer � vindicating those investors who ditched its bonds on Tuesday.