Illustration: Sarah Grillo/Axios

It's big-IPO speculation season. Lyft wants to go public next year, with a sought-after valuation in the $15 billion range, which is flat to its last private round.

Details: That Lyft valuation is lower than the valuation of Uber Eats, at least if you take the pitch decks from Goldman Sachs and Morgan Stanley seriously. Uber as a whole, we're told, could be worth as much as $120 billion in an IPO, which maybe explains how it raised $2 billion almost effortlessly in the bond markets this week, despite the fact that it's burning through more than a billion dollars a year.

The bottom line: In Unicornland, everything is always sunny and optimal.

Consider the valuation of Palantir, which somehow is considering going public at a capitalization of $41 billion.

  • That's 55 times its 2018 revenue, a valuation which makes $120 billion for Uber (a mere 11 times this year's revenue) look downright modest.
  • Palantir is 14 years old; it's not a startup any more. And its growth rate of about 25%, while strong, is hardly stratospheric.
  • Morgan Stanley reportedly cut its internal valuation of Palantir by 47% last year. It's hard to see what has happened between now and then that would have reversed that trend so dramatically.

The world of public markets is crueler. Tencent has lost $250 billion of market value in the past nine months.

Go deeper:

Go deeper

GOP plans "nightly surprise" for revamped convention

President Trump at the 2016 Republican National Convention. Photo: Bill Clark/Getty Images

The reworked Republican National Convention will be a four-night spectacle including still-under-wraps venues, a 10 p.m. "nightly surprise" and guests and themes playing to "the forgotten men and women of America," two senior Trump campaign officials involved tell Axios.

Driving the news: The messaging will focus heavily on "very granular details" of what a second term for President Trump would look like — answering a question Trump left hanging in a Fox News event earlier this summer — and attack cancel culture, "radical elements" of society and threats to public safety.

34 mins ago - Health

Axios-Ipsos poll: Fear of voting

Data: Axios/Ipsos poll; Note: ±3.0% margin of error for the total sample; Chart: Andrew Witherspoon/Axios

Democrats are twice as likely as Republicans to worry about in-person voting — with nearly two in three seeing it as a large or moderate risk to their health — according to this week's installment of the Axios-Ipsos Coronavirus Index.

Why it matters: This could pose a significant disadvantage for Joe Biden and other Democratic candidates in November if the pattern holds — especially in states where high infection rates persist, or where there are significant hurdles to mail-in, absentee or early voting.

Trump: Coronavirus is "under control"

President Trump said in an interview with “Axios on HBO” that he thinks the coronavirus is as well-controlled in the U.S. as it can be, despite dramatic surges in new infections over the course of the summer and more than 150,000 American deaths.

  • “They are dying, that's true. And you have — it is what it is. But that doesn't mean we aren't doing everything we can. It's under control as much as you can control it. This is a horrible plague,” he told Axios' Jonathan Swan.