The company filed confidentially for an IPO on Friday, marking the beginning a race for the two ride-hailing giants to the stock markets.
Uber’s most recent private market valuation was a whopping $72 billion, though the nearly 10-year-old business reportedly expects to debut on the stock exchange at a $120 billion valuation in what is easily one of the most highly-anticipated IPOs of the decade.
Uber didn’t immediately respond to request for comment.
Founded in 2009 by Travis Kalanick, Uber has raised a total of nearly $20 billion in a combination of debt and equity, according to PitchBook. SoftBank alone has invested billions in the company to become its largest shareholder. Uber’s other key backers are Toyota, which invested $500 million just a few months ago, as well as late-stage investors T. Rowe Price, Fidelity and TPG Growth.
Benchmark, First Round Capital, Lowercase Capital and others stand to earn big from Uber’s exit — all were among Uber’s investors in some of its earliest rounds.
Lyft, for its part, will likely take the plunge in the first quarter of 2019, too. The company was most recently valued at about $15 billion. Its IPO will be underwritten by JPMorgan Chase, Credit Suisse and Jeffries.