Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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 β€” 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 6 hours ago - Sports

Olympics dashboard

Silver medalist Lilly King of Team USA (left) embraces gold medalist Tatjana Schoenmaker of Team South Africa on the podium during the medal ceremony for the Women's 200m breaststroke final on July 30. Photo: Clive Rose/Getty Images

πŸ₯‡ : U.S. gymnast Suni Lee wins gold in the women's individual all-around

πŸš£β€β™€οΈ: Team USA women's eight rowing fails to reach the podium

πŸ€ΈπŸΎβ€β™€οΈ: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏊: Olympic swimmer Ryan Murphy wins Silver in 200m

πŸ“·: In photos: Tokyo Olympics day 6 highlights

πŸ—“: The Olympic events to watch today

πŸƒβ€: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage

Former Michigan Sen. Carl Levin dies at 87

Sen. Carl Levin (D-MI) in 2014. He died Thursday. Photo: Win McNamee/Getty Images

Former U.S. Sen. Carl Levin (D-Mich.) died Thursday, his family and the Levin Center at Wayne Law β€” which bore his name β€” confirmed. He was 87.

Why it matters: The Detroit native served for 36 years in the U.S. Senate, serving twice as chairman of the Armed Services Committee and is credited with helping overturn the military's β€œDon’t Ask, Don’t Tell” rule.

Updated 7 hours ago - Politics & Policy

Military members will be included in Biden's new COVID guidance

Joe Biden. Photo: Anna Moneymaker/Getty Images

Members of the military will be required to get vaccinations or face regular testing, social distancing, mask mandates and restrictions on travel for work, the the Pentagon said on Thursday evening.

Why it matters: The policy was announced for federal workers and onsite contractors earlier on Thursday, part of several new Biden initiatives to get more Americans vaccinated and slow the spread of the Delta variant.