It's going to be one of the biggest IPOs of all time, and it's going to dominate the headlines in the worlds of business and tech for the next several weeks. It's also going to make lots of people very, very rich. Although the emplo—whoops, sorry, "independent contractors"—who spend their days and nights behind the wheel certainly won't be among them.
We still don't know all the specifics, including some of the big ones. But at long last, the most valuable VC-backed company in America has made its IPO prospectus public. And here at The Weekend Pitch, that's one of the 10 things you need to know from the past week:
1. Lights, camera, actionIt's almost showtime for one of the most highly anticipated listings in stock-market history. Uber made its S-1 public on Thursday, a day after reports emerged that the company is eyeing a price range of $48 to $55 per share, which would raise about $10 billion and value the company between $90 billion and $100 billion.
The offering might not quite reach Facebook levels—the social network raised $16 billion at a $104 billion valuation with its IPO in 2012—but man, that's a lot of money.
Among the people who've been anticipating the Uber listing, of course, are the longtime shareholders who will have the chance to cash out. The prospectus doesn't give details on who plans to sell what, but it does reveal the pre-IPO stakes held by some of Uber's investors.
SoftBank is the biggest shareholder, with a 16.3% interest—which, if Uber hits the high end of its range and is valued at $100 billion, would of course be worth $16.3 billion. Benchmark and general partner Matt Cohler own an 11% stake, which would of course equate to $11 billion. Travis Kalanick still owns 8.6% of the company, and fellow co-founder Garrett Camp maintains a 6% stake through his Expa-1 startup studio. Saudi Arabia's Public Investment Fund has a 5.3% holding. Combined, those five parties control shares that could soon be worth nearly $50 billion.
There are probably a hundred other different angles from the filing that show just how enormous Uber has already become and how ambitious its goals for growth seem to be. You should give it a read yourself. But for now, I'll leave you with one other figure: Uber claims consumers used its services to travel about 26 billion miles during 2018—or enough to circumnavigate the globe more than a million times.