Ride-share company Uber quietly filed paperwork this week for its initial public offering, the Wall Street Journal reported late Friday.
The move comes one day after rival Lyft launched the process to take the company public with a stock offering.
The Journal, citing unnamed sources familiar with the matter, said that Uber could go public as soon as the first quarter, while Lyft is targeting its market debut for March or April 2019.
Uber, which operates in over 60 countries, is in a race with Lyft to be the first to enter the market.
Company CEO Dara Khosrowshahi had mentioned since joining Uber in late August 2017 that he was hoping for an IPO in the first half of 2019.
Uber is already the largest of the venture-backed "unicorns" valued at more than $1 billion, which until recently was considered rare without tapping stock markets.