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

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.