Business Maverick: Uber Makes IPO Case That It’s About the Platform, Not the Losses

Less than two years after being tapped to take Uber to its initial public offering destination, Chief Executive Officer Dara Khosrowshahi’s stamp on the company has been branding it as a “platform” — a word that appears more than 700 times in its IPO prospectus.

Khosrowshahi isn’t just trying to look past ride-hailing, he’s also trying to move beyond his predecessor, Travis Kalanick, whose brash leadership frequently landed the company in court or under the microscope, or both.“Some of the attributes that made Uber a wildly successful startup — a fierce sense of entrepreneurialism, our willingness to take risks that others might not, and that famous Uber hustle — led to missteps along the way,” Khosrowshahi said in his letter.

The IPO comes amid an expected surge of listings by Silicon Valley unicorns — startups valued at more than $1 billion — and is likely to be the largest U.S. listing this year and among the 10 largest of all time on U.S. exchanges. More Uber coverage Uber’s Executives Have Big Payouts Riding on $120 Billion Target Morgan Stanley Leads Cadre of Banks Lining Up on Uber IPO Uber Touts Benefits of Scale Over Competition: IPO Tearsheet Uber Tops $1 Billion in Spending to Develop Driverless AutosUber’s reliance on ride-sharing for the vast majority of its revenue is evident from its filing. In the fourth quarter, the company generated $2.54 billion in adjusted net revenue, with $2.31 billion of that coming from ride sharing.

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