The next big ride-hailing company is launching its IPO in New York.
And it has a lot of money.
On Friday, Uber is set to report its first quarter earnings, which include revenue of $6.5 billion.
The company will also announce the details of its $50 billion capital raising.
“I think the key thing to understand is that the growth in ride-sharing has been driven by consumers wanting to take a trip on their own, and not having to rely on a driver,” Uber CEO Travis Kalanick told reporters on Friday.
“We have more drivers than ever before.”
While the ride-share service has grown steadily since it launched in 2014, Uber CEO has said the company’s growth is fueled by consumers and a combination of new products like driverless cars and more incentives for drivers to share their vehicles with passengers.
The growth in ridership has been fueled by a surge in the number of cars that use Uber’s network.
According to the company, more than half of its rides last year were from a smartphone.
Uber has grown to have about 70 million active drivers in the U.S. and Canada.
The company also reported that it had a $3.5 million investment from Sequoia Capital and $5 million from Sequodis Capital.
It is looking for $30 million to $40 million in additional financing to help it expand its network.
The ride-to-hire service is currently only available in the United States.
The San Francisco-based company has become a big player in the industry.
With a $1 billion valuation, the company is valued at more than $200 billion.
In 2017, Uber was valued at $68 billion.
Uber’s share price is up 17% this year.
It had a year-to, $40.66 billion valuation.