Lyft Files for IPO With $2.2 Billion Revenue and Growing Losses
Ride-hailing company Lyft officially files its S-1 to go public on the Nasdaq, revealing massive revenue growth alongside nearly $1 billion in net losses for 2018. The highly anticipated debut values the company at over $20 billion as it competes against rival Uber.
Lyft officially unveils its S-1 filing as it prepares to go public on the Nasdaq stock exchange under the ticker symbol LYFT. Major financial institutions including JPMorgan Chase, Credit Suisse, and Jefferies lead the initial public offering, which expects to value the San Francisco-based company at upwards of $20 billion.
The ride-hailing giant reports $2.2 billion in revenue for 2018, which is more than double the $1 billion it recorded in 2017. However, the company's net losses also grow significantly, reaching $911 million in 2018 compared to a $688 million loss the previous year.
Lyft currently captures 34 percent of the U.S. ridesharing market, leaving the remaining 66 percent to its main competitor, Uber. The filing also reveals that Lyft provides 30.1 million rides in 2018 across 300 markets, with major pre-IPO stakeholders including Rakuten, General Motors, Fidelity, and Alphabet.