See the first-ever investor pitch deck for $31 billion startup Airbnb‚ which has raised over $3 billion and is planning to go public in 2020

Airbnb is one of the greatest startup success stories of the last 20 years.

It raised more than $3 billion at a $31 billion valuation, and now it's planning to go public in 2020.

But Airbnb's story wasn't always quite so rosy — it stumbled throughout its first year before exploding. The founders shared Airbnb's first pitch deck with an MBA student, back when it wanted to be an air mattress rental company.

Here's what a $31 billion startup looks like when it's just getting started:

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