Following ride-hailing company Lyft, Uber Technologies is reported to have confidentially filed for an initial public offering.
The global ride-hailing company could be valued at $120 billion, according to a report in The Wall Street Journal, which first reported the planned IPO.
Uber recently announced plans to resume on-road testing of its self-driving cars in Pittsburgh. The company also has been diversifying, including the purchase earlier this year of Jump, a connected bike and scooter-sharing startup.
Uber-competitor Lyft last week submitted a draft registration with the Securities and Exchange Commission for an IPO of its common stock, according to the company.
The number of shares to be offered and the price range for the planned offering have not yet been determined, according to a statement from the ride-hailing service.
The long-awaited Lyft IPO is expected after the SEC completes its review process. The Lyft and Uber offerings are expected to occur in the first half of 2019.