Lyft might finally edge ahead of Uber—in the race to go public.
2 ride-hail operator has filed confidential paperwork in anticipation of an initial public offering early next year, The Wall Street Journalreported Thursday morning.
Uber, the industry's longtime front-runner, is expected to go public in the second half of next year.
Lyft will be the first to test the public markets for the ride-hail industry, which has shown explosive growth during the past four years.
Lyft was most recently valued at $15 billion. Uber has received proposals from banks interested in its IPO that valued the company at $120 billion.
Ride-hail services are notoriously expensive to operate.
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Neither Uber nor Lyft, both of which take a commission on fares, is profitable.
Both companies are entering a period of business uncertainty. Regulators in New York City, the largest market for ride-hailing, recently imposed regulations, going into effect in January, to set minimum pay standards. The ride-hail operators expect that fares will go up as a result.
The for-hire vehicles also will be subject to a $2.75-per-ride surcharge on trips that go through the congestion zone in Manhattan, which is below 96th Street. The higher fares combined with the surcharge could have a devastating effect on ridership.
Lyft had revenue of $563 million in the third quarter, up nearly 90% from the year-ago period, and a loss of $254 million, according to the Journal.
Uber had $2.95 billion in revenue, up 38%, with a $1.07 billion loss.