Uber could be one of the biggest IPOs of 2019.
Goldman Sachs and Morgan Stanley have reportedly delivered valuation proposals to Uber that value the ride sharing service at up to $120 billion, according to The Wall Street Journal. That figure is higher than the valuations of Ford, General Motors and Fiat Chrysler combined.
It’s also nearly twice what Uber was valued at in a fundraising round two months ago.
Uber has said it’s targeting an initial public offering in the second half of 2019. That, however, will likely depend on how the market is for public offerings next year. (One source tells the Journal the banks are encouraging Uber to file earlier than planned due to fears the IPO market could cool down.)
Morgan Stanley reportedly set the $120 billion valuation, while Goldman Sachs was slightly lower. Bankers also valued Uber Eats at $20 billion in the proposals.
Uber has suffered a series of scandals over the past year, including claims of sexual harassment and the removal of co-founder Travis Kalanick. The company has been on a rebound in recent months, though, with new CEO Dara Khosrowshahi saying the company wants to give all drivers insurance and benefits.
Uber might not be the only ride sharing service to go public next year. Chief competitor Lyft has also put out a call for proposals and is reportedly eyeing a 2019 IPO as well.