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Illustration: Aïda Amer/Axios

Uber on Friday morning disclosed that it plans to raise upwards of $9 billion in its IPO, at a market cap that could approach $84 billion.

Why it matters: If successful, this would be one of the largest IPOs of all time. It also would help validate some of the record-high prices that venture capitalists have paid to invest in private, growth-stage "unicorns."

The ride-hail giant will offer 180 million shares at between $44 and $50 per share. At the low end of that range, Uber would be valued lower than in its most recent private round.

  • The total offering amount could top $10.3 billion, including possible secondary sales by existing investors like Benchmark, First Round Capital, TPG and Lowercase Capital.
  • PayPal has agreed to buy $500 million worth of shares at the IPO price. Its part of an expanded partnership between the two companies, albeit one that is not exclusive in either direction.
  • Uber's fully-diluted valuation would be between $80.5 billion and $91.5 billion.
  • 3% of IPO shares are being reserved to be purchased by eligible drivers. Uber originally planned a top "driver appreciation reward" of $10,000, but now has higher tiers of $20,000 and $40,000.
  • Uber reports "projected" Q1 2019 revenue of between $3 billion and $3.1 billion, versus $2.58 billion in revenue for Q1 2018.

Go deeper: Inside Uber's IPO filing

Go deeper

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 4 hours ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

6 hours ago - Politics & Policy

Senate Republicans plan to exact pain before COVID relief vote

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.