The Wall st Journal on Thursday said Airbnb, the online rental marketplace that has grown in popularity over the past year and is now valued at more than $40 billion, is now the second most valuable company on Wall Street after Google.
The news comes as the Wall Street market looks set to take another big step forward as investors take a broader look at the companies that drive the online economy.
A year ago, Airbnb was ranked fourth on Wall St. and was valued at about $20 billion, up from around $12 billion in the year before the stock market crash.
Airbnb is also valued at almost $3 billion at current valuations, up sharply from its initial valuation of $6 billion.
The Wall St journo said that Airbnb’s valuation of its bonds, which are held by its investors, will increase to $100 billion from $50 billion, thanks in part to its “bondholders” as it calls them.
The bondholders include companies like Airbnb, Lyft, and Google.
Airbnb, which is listed on the Nasdaq, has been a favorite among investors in the past.
Investors like Airbnb have been holding the company to a higher valuation than some of its peers.
Airbnb’s stock soared more than 50% in 2017.
The Journal said it expects Airbnb’s total cash flow to increase to about $40.5 billion in 2021 from $29.4 billion in 2020.
Airbnb has more than 6,000 apartments in more than 200 cities around the world.
Airbnb said in May that it had reached a record of 1.3 million guests in its first two years, which was a big leap over the previous year.