Airbnb has taken the first steps to filing for a proposed initial public offering.

The San Francisco-based company “confidentially submitted a draft Registration Statement on Form S-1 to the Securities and Exchange Commission,” it says on its website.

How many shares will be offered and what they’ll cost is to-be-determined.

The SEC now has to review the proposal.

Airbnb’s private valuation is reportedly $26 billion, down from $31 billion before the global COVID-19 pandemic decimated the travel industry.

After people started sheltering in place, the company introduced Online Experiences in April to keep those stuck at home entertained with activities such as scavenger hunts, coffee master classes, magic shows, cooking demos, and fitness workouts.

Airbnb also has reported the growing popularity of rural properties in areas with fewer than 100 inhabitants per kilometer. Hosts in those rural areas earned more than $200 million in June, a jump of more than 25% over the same month in 2019.

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