The race is on between Uber and Lyft to soak up capital from public investors. Uber, just like Lyft, has filed confidential paperwork to IPO early next year, the Journal reported late Friday. The timing is sooner than most Uber employees and observers expected and resembles the kind of tit-for-tat move that Uber’s prior CEO, Travis Kalanick, might make in order to drive Lyft crazy. Lyft, which is much smaller than Uber, announced earlier this week it had filed similar paperwork and probably expected to hog the limelight for a while as it pursued public investors.
It is likely that Lyft will still get out of the gate sooner because it is a smaller and less complex business than Uber, meaning its documents may need less time to be reviewed. Uber, of course, has in many ways been operating like a public company for a while. Unlike Lyft, Uber’s engrossing financial performance is released publicly every quarter. Uber was valued on paper at around $75 billion this summer, and Lyft was valued at around $15 billion.