Uber has confidentially filed for an IPO over the weekend, after its rival Lyft also filed late last week.
According to the Wall Street Journal, both companies filed their S-1 paperwork to the US Securities and Exchange Commission (SEC) with their shares to go public early next year.
The two companies are now battling to become the first ride-sharing company to go public.
Both are expected to be among next year’s largest offerings.
Uber was slated to go public in the second half of 2019.
Lyft’s financial advisors JP Morgan Chase and Co estimate the six-year-old company to be worth around US$20 billion and $30 billion once public.
Lyft’s last valuation was at US$15 billion during a private fundraising round.
For the past couple of the months Uber and Lyft have slowly been edging towards public offerings.
Uber chose Morgan Stanley and Goldman Sachs group in October with the banks telling the company it could be worth US$120 million on the public markets.
Market analysts are concerned the growing tensions between the US and China will cause declines in the stock market urging companies to go public sooner rather than later.
Both companies are yet to post a profit with Lyft hoping this public offering will change through being the first ride-sharing company to have an IPO.
Commentators say this could mean its share price could skyrocket no matter on if the company post losses.
This means Uber needs to prep for an IPO filing sooner rather than later.
Lyft has 35 per cent of the ride share market in the US with no future plans of launching down under.
Next year analysts predict other tech bigwigs like Airbnb, analytics firm Palantir Technologies and digital payment company Stripe will all be aiming to go public.