WeWork would like possible financiers to consider it as a tech company.

However its numbers inform a various story. No matter if you take a look at WeWork’s profits and expenditures, its possessions, or simply its capital, it looks much more like a real-estate business than a common tech company.

The difference is more than simply semantic. The business’s assessment in the general public markets will remain in big part identified by how financiers categorize it. They tend to be going to pay a much steeper premium for tech business than for real-estate companies.

WeWork, or rather the We Business, its business moms and dad, definitely pitched itself as a tech company in the going public documentation that it launched on Wednesday. The file points out “innovation” 93 times, much of them in connection with its company offerings or financial investments.

Read this: WeWork declare IPO, exposing spiraling losses of $1.6 billion

“We provide a space-as-a-service design that we operationalize by utilizing a global-local playbook powered by innovation,” We Business stated in the part of its IPO filing where it explains its company.

To date, its endeavor and other financiers have actually purchased that line, valuing WeWork like a tech business. With a $47 billion assessment in the personal markets, it deserves more than 15 times its annualized sales for this year, a fairly high assessment considering it has actually regularly published losses.

However public financiers might have a various take. That’s because, as its IPO documentation explains, it’s not truly in the innovation company, no matter the number of times it attempts to cover itself because mantle.

Here’s what its monetary numbers reveal: