The ride-hailing giant recently received proposals from Goldman Sachs and Morgan Stanley valuing the company at nearly double its valuation two months ago, The Wall Street Journal reports. The staggering figure would make Uber worth more than General Motors, Ford, and Fiat Chrysler combined, or eight times Lyft's current $15 billion valuation. Khosrowshahi, who took over the CEO role in August 2017, has said Uber is on track to go public next year. The company declined to comment for this story.
Since former CEO Travis Kalanick founded the company in 2009, Uber has raised more than $22 billion in venture capital. Nearly half of that money--a little over $9 billion--was poured into the company after Kalanick's departure last year. That money comes primarily from SoplaceholderftBank, which is now the majority stakeholder, according to data from Recode. The terms of its investment state that Uber must go public by the end of 2019 or let certain investors sell their shares on the secondary market, the WSJ reports. Co-founder Kalanick still owns a 7 percent stake in his former company, which would be worth $8.4 billion if the company went public at the $120 billion valuation. Uber's last funding round raised about $500 million from Toyota at a $72 billion valuation.
According to financial information released by the company, Uber is on track to close this year with more than $10 billion in revenue, but it is still losing money. Last year, the company's losses surged to $4.5 billion, up from $2.8 billion in 2016, according to CNBC. So far this year, the company reported $659 million in net losses in the second quarter, up from $577 million in the first quarter of 2018.