I'm baffled that this company as of October is targeting a $120B IPO valuation [1]. I'm assuming there are institutional buyers out there at this price as the article says banks advised them on this number. It would be one thing if the prospects for Uber converting revenue to its bottom line were great, but margins are shrinking. The CEO admits "we're in a big battle" with Lyft and more competitors are coming. Waymo will be all over the news next month [2]. IPOing in this environment - at least at a valuation 1.6x its last round [3] - seems difficult.
[1] - https://www.theguardian.com/technology/2018/oct/16/uber-targ...
[2] - https://www.bloomberg.com/news/articles/2018-11-13/waymo-to-...
[3] - https://www.cnbc.com/2018/08/27/toyota-to-invest-500-million...