The news that Slack wants to go public through a highly unconventional direct listing, in which it doesn’t sell new shares to raise money, has come as a surprise to some. But the messaging startup has built a strong enough cash position to pull it off, according to financial documents viewed by The Information and a person familiar with the matter.

As of October 2018, the firm had roughly $900 million in cash on its balance sheet, the person said. It previously was burning cash at a slow enough rate that it likely wouldn’t need to raise money again for the foreseeable future, according to the documents, which were used in a meeting attended by Slack executives in early 2018.