Uber is planning to raise another large sum of money that could propel its value to $50 billion or higher, the Wall Street Journal reported Saturday, citing people familiar with the company's plans.
The ride-sharing company, currently the darling of Silicon Valley startups, has told investors it plans to raise at least $1.5 billion in fresh capital, The Journal reported, citing unnamed sources. The round of funding could cement Uber's status as the richest startup in history, the publication reported, saying that only Facebook was worth $50 billion before going public.
In fact, Uber's valuation could go even higher before it goes public, the WSJ reported.
Uber's revenue after paying drivers was roughly $400 million, The Wall Street Journal reported. That means the company could be worth more than 120 times its trailing revenue.
More information can be found at the Journal's website (note subscription may be required).