Even for a startup, the gap between expectations and reality is enormous at WeWork. The company has emerged as an early leader in renting out co-working spaces, and for this investors have lined up to buy in at a valuation of $10 billion, making it one of the world’s most valuable venture-backed private companies.

But an analysis of its financial projections, contained in an investor presentation from late last year obtained by The Information, shows that WeWork is forecasting big growth in profits and members even as it is pushing off significant expenses into future years. That could make its profit projections tough to meet.