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Less than a few weeks after ride-sharing service Lyft went public at a valuation of more than $24 billion, its far larger competitor Uber is set to do the same today.
Uber, which controls almost 60% of the ride-share market, is now set to launch with an expected valuation ranging from $90 billion to $100 billion, instead of the $120 billion it was originally projected to go for.
The rather large sizein comparison to Lyft but overall reduction in projected IPO valuation is extremely interesting.
While company certainty dwarfs its competitor, data released so far shows an interesting long-term duopoly forming.
Over the last few years, while Uber has faced one controversy after another, Lyft managed to increase its share of the US ride-hailing market to 39% in December 2018 from 22% at the end of 2016.
Today, while Uber is in some ways a global brand, Lyft continues to bite at Uber’s heals burning far less cash to get there.
Uber lost $3.3 billion last year, while Lyft lost $911 million for 2018.
With the companies being in some ways comparable, Lyft’s somewhat weak IPO trend since release appears to have affected the IPO of Uber in some ways.
In the long-term though, this entire original IPO battle may not matter at all.
Some of the largest tech companies took years before achieving profitable returns.
Who do you see winning this ride-share race in the long-term? Join the conversation by commenting below!