Uber Officially Going Public

The long-anticipated stock market debut of the Silicone Valley ride sharing giant Uber is finally official.

The company filed with the Securities and Exchange Commission (SEC) on Thursday afternoon, meaning that the groundwork is set for them to make their initial public offering (IPO).

This paperwork is merely a precursor for the final IPO, and no official targeted price per share was listed. There were, however, some interesting revelations from the filing. The document has a placeholder target revenue of $1 billion, but there are reports that they are searching to raise much more than that.

Additionally, the paperwork formalizes that Uber is losing $1.8 billion per year. We already knew this, and it isn’t cause for panic. Remember that it took Amazon well over a decade to turn its first profit. For tech companies, early losses are generally status quo.

Initially, the Uber IPO was expected to take place late in the month of April, and it looks like they may be on target for that.

While Uber has been looked at as the next great tech unicorn IPO, there are some questions around the market thanks to the poor performance of Lyft’s own offering. Uber’s top competitor went public last month, and while it debuted at roughly $78, it is down almost $20, sitting at $61.01 as of this writing.

Lyft’s fall casts a shadow over not only Uber, but over all the tech companies that are expected to go public in the near future, including companies like Slack and Pinterest. The news that Uber can’t report a profit yet certainly won’t help matters.

For now, we’ll have to wait for more certainty about Uber’s IPO. It will be a significant barometer for anyone else looking to go public this year, particularly fellow Silicone Valley startups.