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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

57 mins ago - Health

U.S. tops 88,000 COVID-19 cases, setting new single-day record

Expand chart
Data: COVID Tracking Project; Chart: Axios Visuals

The United States reported 88,452 new coronavirus cases on Thursday, setting a single-day record, according to data from the COVID Tracking Project.

The big picture: The country confirmed 1,049 additional deaths due to the virus, and there are over 46,000 people currently being hospitalized, suggesting the U.S. is experiencing a third wave heading into the winter months.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day.
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. Sports: MLB to investigate Dodgers player who joined celebration after positive COVID test.
  5. 🎧Podcast: The vaccine race turns toward nationalism.

The norms around science and politics are cracking

Illustration: Aïda Amer/Axios

Crafting successful public health measures depends on the ability of top scientists to gather data and report their findings unrestricted to policymakers.

State of play: But concern has spiked among health experts and physicians over what they see as an assault on key science protections, particularly during a raging pandemic. And a move last week by President Trump, via an executive order, is triggering even more worries.