A Look at WeWork’s Books: Revenue Is Doubling but Losses Are Mounting

As part of bond offering, the startup reveals it is incurring hefty construction costs for offices it is opening

A bond-offering document from WeWork Cos. this week provides a glimpse into the finances of one of the world’s most valuable startups, showing how the shared office company is rapidly expanding revenue—and incurring heavy losses.

WeWork, which is seeking to raise $500 million in debt, is making its first turn to the corporate bond market,...