Under New JOBS Act, More IPO Prospects Consider Filing Confidentially

SolarCity, the cleantech company backed by Tesla and SpaceX CEO Elon Musk, filed for an IPO this past week. But there's hardly been a peep about it compared to most offerings. That's because under the recently passed JOBS Act, SolarCity didn't have to publicly share anything about its financial performance when it filed. This is unlike LinkedIn and Pandora, which had to publicly release three years of data in filings that were more than 150 pages long. In SolarCity's case, the company merely put out a two-paragraph statement saying that it had confidentially filed with the SEC and planned to have an IPO. This is the new world under the JOBS Act, which was hastily passed last month. SolarCity qualifies as an "emerging growth" company, or one that's had less than $1 billion in total revenues in the most recent year.

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