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Even Without Profit, Square Said to Be Eyeing IPO Next Year

Even Without Profit, Square Said to Be Eyeing IPO Next Year
Image credit: Reuters

First it was Twitter. Now entrepreneur Jack Dorsey is said to be exploring an IPO for Square, the mobile payments startup he co-founded in 2009. The company could go public as early as next year.

In other words, these might be a couple of huge years for Dorsey -- and his wallet.

Citing a person "familiar with the matter," the Wall Street Journal reported that Square has held discussions with banks like Goldman Sachs and Morgan Stanley about a possible IPO. These are early discussions, however, so no bank has been hired and the timing could change.

A Square spokesperson declined to comment on the report.

Related: Twitter IPO Deserves the Hype, If Not the Investment

Meanwhile Twitter, the other company Dorsey co-founded, is set to begin trading today at $26 per share, raising about $1.8 billion. The price values Twitter at more than $14 billion, although the company has yet to turn a profit.

Square also has yet to turn a profit. But the company is said to be bringing in about $550 million in sales this year and projecting $1 billion by 2014. The company expects to process roughly $30 billion in transactions next year.

For more, see the full report from the Wall Street Journal.

Related: The 10 Biggest IPOs Ever
 

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