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Illustration: Lazaro Gamio/Axios

Lyft has publicly filed its IPO prospectus, and word is that we should be getting the same from Uber within the next few weeks — though not this week.

By the numbers: Lyft's $911 million net loss in 2018 will be a massive hurdle to jump, given that it would appear to be the largest-ever net loss for a company entering the public markets for the first time. As of now, there is no visible path to profitability.

What they're saying: The co-founders write, "We thoughtfully balance investments in growth and profitability considerations, while deliberately leaning more towards growth (especially in these early days)."

  • "Early days" equals 11 years since the founding of its predecessor company, Zimride, and seven years since the founding of Lyft.

The state of play: Expect Lyft to emphasize focus when speaking with prospective investors. It's a ride-hail company, growing at a faster clip than is Uber, and not too distracted by large side projects like food delivery and autonomous vehicle development.

  • It's a smart message, although not entirely accurate. Lyft not only invests in other micro-mobility efforts like bike sharing and scooters, it also has major AV initiatives.
  • Plus, it's unclear that ride-hail is actually a viable business. Uber once said its ride-hail efforts were profitable in large, developed markets like North America, but it's not reaffirmed that claim lately, and Lyft has never made it. One possible reason: the massive, albeit largely anecdotal, increase in rider discount offers. Maybe ride-hail is best as a monopoly, like taxis once were.

Lyft did briefly consider a direct listing, per a source familiar, but is going for a traditional IPO because it needs the new cash. This is a financing event more than a liquidity event.

  • Lyft CEO Logan Green received a 2018 base salary of $401,500, plus nearly $42 million in stock awards. He also apparently required over $935,000 in "personal security services."

What's next: Keep eyes on Fidelity, which holds a 7.71% pre-IPO stake in Lyft. Does it buy back in at IPO, thus validating the concept of pre-IPO optionality investing? Or is it already done and just wants to harvest, thus casting doubt on the minotaur funding model.

Go deeper: Meet the startups that have raised more than $1 billion

Go deeper

Updated 56 mins ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate will now work through votes on a series of amendments that are expected to last overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.