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

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.