Uber received valuations from Wall Street banks that could put the value of the company up to $120 billion for an initial public offering that could happen as soon as early next year, according to the Wall Street Journal.
{mosads}That value would be almost double what Uber was valued at in a fundraising round earlier this year.
Uber has been eyeing a potential IPO in 2019 for some time now, saying in May that they were “on track” for the move.
“I do think that we’re on track in 2019 for an IPO. Lots of things can happen in the world but we have a reasonable buffer as well, so I think we’re in a pretty good spot,” CEO Dara Khosrowshahi said on CNBC.
The Journal notes that, if this value is established, Uber would be worth more than General Motors, Ford, and Fiat Chrysler combined.
Reportedly, the banks also valued the company’s food delivery service, UberEats, at $20 billion.
Khosrowshahi was brought in to restore Uber’s image after a series of high-profile controversies including allegations of mistreatment of women at the company and former CEO Travis Kalanick berating a driver during a ride.
Uber indicated that it likely will not be profitable for at least three years, but expects to increase revenue from $7.78 billion last to between $10 and 11 billion this year.
Uber’s primary ride share competitor, Lyft, is also expected to go public during a similar timeframe. According to the Journal, the company tapped several banks this week to lead an IPO, which is expected to be valued higher than the $15.1 billion it sold shares at privately this year.
A representative from Uber declined to comment to The Hill.