Rideshare giant Uber (UBER) plans to raise $8.5 billion this week in the headliner IPO of 2019. Uber is the poster child for Silicon Valley's mantra of "growth at all costs," going from sales of $500 million to $11.3 billion over the past four years, while also burning through billions in cash.
Uber is coming public with a trailing adjusted EBITDA loss of $1.8 billion, more than any other IPO, ever. Its trailing EBITDA loss is nearly double that of Lyft (LYFT), which had been the biggest money-loser ever at the time of its IPO, just over a month ago.
Below we show the 10 other companies with the largest losses at IPO, ranked by trailing EBITDA. While Uber has the steepest losses of the group, it generates the highest revenue, with relatively strong sales growth. Uber also has the highest EBITDA margin at -16%, compared to Lyft's -44%. The 10 had mixed first-day trading, averaging a modest +6%. However, most then traded down in the aftermarket.
More Renaissance commentary on Uber:
Uber prices $8 billion IPO at $45, toward the low end of the range
The economics of an Uber ride?
Uber needs to thread the needle on bookings, take rate, and expenses
Ride or die: Uber vs. Lyft