Coursera has filed for an IPO, and here’s the S-1 form. The form is worth a read, if nothing else to get a sense of how the company sees itself. A few quick thoughts:

  • Coursera had 3 revenue streams in 2020:
    • consumer revenues ($192.9 million) – these are revenues directly from individuals (think a learner who bus a subscription)
    • enterprise revenues ($70.8 million) – these are from organisations (e.g., government) using coursera courses for training or universities using coursera courses for their students
    • degree revenues ($29.8 million) – these is the online program management (OPM) part of the company.
  • What does 2020 signify for Coursera? Is it the peak, as the world turned to online/remote learning? Or is it the year where the enterprise and degree offerings became regular parts of other organizations’ offerings? S-1 is transparent on this: “The COVID-19 pandemic has impacted, and may continue to impact, our business, key metrics, and results of operations in volatile and unpredictable ways.”
  • (Unsurprising to anyone, but worth mentioning that) Coursera is also a data company: “We leverage our large partner and customer base, our engaged learner community, and our focus on user-driven innovation to aggregate feedback on features and functionality and consistently improve our offerings and platform.”
  • The ongoing partnership with Google is interesting from a job-search/matching perspective, though the S-1 doesn’t include explicit mention the new offerings launched on March 11, 2021.
  • About half of Coursera’s revenue comes from the US, even though over 80% of learners come from outside the US.

Disclosure and disclaimer: I hold no stake or investments in education or educational technology companies/startups. The above is not financial advice, and if you’re considering investing in this space you should talk to a financial advisor.