At nine years old, WeWork has quickly risen to become synonymous with the term 'co-working space.' But Wolfstreet points out the undercurrent of its business model may be eroding: In April 2018, WeWork's issued $702 million of 7.875% notes due in May 2025. S&P rates them B+, four steps into junk (corporate rating scales by S&P, Moody's and Fitch). And Moody's, in an unusual move, withdrew its credit rating of the bonds last August, citing "insufficient or otherwise inadequate information." The bonds have been in the red for almost the entire time and closed today at 91.25 cents on the dollar, according to FINRA/Morningstar data. And: These losses of nearly $2 billion in 2018 are operating losses, and not investments in new office projects. After the company leases office space and decks it out, it takes up to 18 months to fill the space, and during that time, the space produces lots of expenses but revenues start out at zero and grow only gradually until the space is filled. That's the price of expansion.