At a talk at the New York Stock Exchange Monday, Airbnb chief executive officer Brian Chesky said the vacation rental service doesn't have immediate plans to go public, but could potentially do so in 2018.
"We don’t have any announcement to make, we are working to make sure that the company is ready." Chesky said, according to Reuters.
For Airbnb's part, Chesky said the company's slow pace is very much intentional. According to CNBC, Chesky said the company wants to take its time to prepare for a potential initial public offering and not rush into the process.
"We are working on making sure the company is ready to go public, and I've said it was a two-year project," Chesky said. "We're probably about halfway through that project, as far as just being ready to go public. But at that point, our investors are very patient. None of them are anxiously waiting for us to go public."
At the moment, the move is also a luxury that Airbnb can afford to take. Earlier this month, Airbnb disclosed that it'd raised an additional $1 billion in funding via the New York Times, bringing its valuation to an estimated $30 billion. CNBC also reported that the company was profitable for the first time in 2016. In its planned gradual push to a potential IPO, Airbnb likely wants to ensure stable financial ground before going public in order to better weather — as Snapchat has demonstrated — the ups and downs of the market.
While Airbnb's relationship with regulators isn't as contentious as it once was, the service's rental options are still in dispute in some major cities. Via the Times, Airbnb agreed to drop a lawsuit against New York City late last year over a newly passed law that fines owners who list a property on the service.
The company has quietly looked to expand into other vacation services beyond home and apartment rentals. Airbnb launched its Trips program last year, which allows customers to book tourist experiences along with their rental. The company, which purchased payment service Tilt and high-end vacation services provider Luxury Retreats, is reportedly looking into entering the long-term sublease and rental market. Via TechCrunch, Airbnb also invested in restaurant reservation app Resy earlier this year.