UBER Financial Planning Before IPO: All You Need to Know
2019 came up as one of the biggest years for tech IPOs. Several tech companies had gone public with billion-dollar valuations. Therefore, it was also called the year of unicorns and has become one of the trending topics for discussion.
As a matter of fact, UBER is a company that has come into the limelight after releasing its long-awaited IPO prospectus. It is an American multinational transportation network company that offers various popular services like ride service hailing, peer-to-peer ridesharing, a bicycle-sharing system, and food delivery services.
There had already been a lot of fanfare surrounding Uber’s IPO. As per a report, UBER filed its IPO paperwork with the U.S. Securities and Exchange Commission in early December, keeping it confidential from the public. And it finally went public in May 2019 with a $82.4 billion valuation.
Let us have a closer look at the frame-work created before the UBER IPO filing.
Pre-IPO Ownership/Cap Table Structure of Uber (2019)
Before Uber went public in May 2019, its cap table was dominated by a mix of founders, early employees, venture capital firms, sovereign wealth funds, and strategic corporate investors. Uber’s IPO filing (SEC S-1) revealed the following major stakes:
Major Shareholders – As Per The UBER IPO Filing
Here is a glimpse of the most significant shareholders, as mentioned in the UBER IPO Filing.
| Name of Beneficial Owner | Shares (in thousands) | % |
|---|---|---|
| Directors and Named Executive Officers | ||
| Garrett Camp | 81,575 | 6 |
| Matt Cohler | 150,079 | 11 |
| Ryan Graves | 33,184 | 2.4 |
| Travis Kalanick | 117,505 | 8.6 |
| H.E. Yasir Al-Rumayyan | 72,963 | 5.4 |
| All directors and executive officers as a group (19 persons) | 462,351 | 33.9 |
| 5% Stockholders and Selling Stockholders | ||
| SB Cayman 2 Ltd. | 222,228 | 16.3 |
| Entities affiliated with Benchmark Capital Partners | 150,079 | 11 |
| Entities affiliated with Expa-1, LLC | 81,575 | 6 |
| Saudi Arabia’s Public Investment Fund | 72,841 | 5.4 |
| Entities affiliated with Alphabet Inc. | 71,097 | 5.2 |
Uber’s Funding and Valuation Journey
- Funding & IPO: $1.5M initial funding (2010) to multi-billion rounds with SoftBank/Saudi PIF; IPO in 2019 at $82.4B valuation (it was below expectations of around $120B).
- IPO Debut: Offered at $45/share, and raised $8.1B; the stock lost 7.6 percent on the first day, one of the biggest dollar losses on an initial public offering in U.S. history.
- Current profitability: At IPO, the company was not profitable; it became profitable (under EBITDA basis) in Q2 2023 and in net income (on GAAP basis) in late 2023.
- Global Strategy: Had pulled out of China and Southeast Asia, being an investor in Didi and Grab, thus converting their erstwhile competitors into an asset.
- Technology: Sold self-driving unit (ATG) in 2020; pivoted to partnering and launched self-driving taxi/ delivery pilots (2024-25).
- Diversification: Uber Eats (with Postmates $2.65B acquisition) became the key part, around 46 percent of Gross Bookings by 2025.
- COVID-19: Rides plummeted, Eats boomed; the pace of profitability increased because of cost reductions.
- Nasdaq Stock Performance: $45 (2019 IPO) to around $25 in March, 2020, to around $60 in February 2021, and to around $95 in 2025.
- Investor Confidence: They have announced a $20B share buyback in 2025 signifying maturity and good cash flows.
- ESG & Labor: Battled over driver classification, entities questioned over emissions and cultural problems; advancement on EV adoption through Uber Green.
Driver Rewards
Uber disclosed more details in the UBER IPO Prospectus concerning its reward program. It is primarily for drivers who have contributed significantly towards the growth of the company.
- It was stated that drivers in the U.S. would get reward prices ranging from $100 to $40,000, depending upon the total number of trips (all the completed lifetime trips).
- The rewards were be given according to the completion rate calculated by April 7, 2019. They will get $100 on the completion of 2,500 trips, $500 on 5,000, $1,000 on 10,000 and $20,000 on completing 20,000 trips. The largest reward was $40,000 for 40,000 trips.
- Drivers meeting the same criteria outside of the U.S are eligible for a similar rewarding system. However, it varies on a regional basis concerning the account discrepancies in average hourly earnings.
Performance: Then and Now
The 2019 IPO of Uber was much anticipated but suffered big time on the first day, dropping 7.6 percent to a $45 price, triggering a whopping loss of 617-618 million dollars in its history, the largest U.S. IPO dollar loss in history. Uber continues to be one of the largest by valuation IPOs, irrespective of its shaky initial outing.
Update to 2025, Uber has now received a very successful response in the public market. By late August, the stock was buying at $96.80, a strong upside reversal and recapturing the lead position compared to the general market, with a 48% gain so far this year. Its Q2 2025 performance outlook is strong on all counts: gross bookings increasing 17% to $46.76B, revenue increasing 18% to $12.65B, and net income increasing 33% to $1.36B. There are 180 million active users averaging 6.1 trips per month, with Uber announcing a $20B share buyback as a show of investor confidence. As of this writing, the average price target is between $82 and $150, on relatively solid fundamentals and strategic moves such as the expansion of autonomous vehicles and tax benefits to drivers.
How Eqvista Can Help Startups Navigate IPO Complexity?
The Uber case study highlights just how complicated ownership and equity management become as a company scales. By the time of Uber’s IPO, its shareholding included founders, early employees, dozens of venture capital firms, sovereign wealth funds, and corporate investors. Add to this millions of stock options and reward programs, and the need for precise equity tracking becomes obvious.
In short, Uber’s IPO reminds us that ownership and equity structure matter as much as revenue and growth. For today’s startups, tools like Eqvista make it easier to manage that complexity—long before reaching IPO scale. Eqvista makes professional-grade equity management accessible, scalable, and accurate, so companies can focus on growth while preparing for bigger milestones—whether that’s raising funds, granting options, or one day going public. Contact us today.
