In April, Toyota invested $500 million in Uber as part of a partnership to develop autonomous vehicles.
 - Photo via Uber. 

In April, Toyota invested $500 million in Uber as part of a partnership to develop autonomous vehicles.

Photo via Uber. 

Wall Street banks have valued Uber at $120 billion ahead of its planned initial public offering next year, The Guardian reports.

If the San Francisco-based ride-hailing app goes public with that value, it would be worth three times as much as Ford, and more than twice as much as Tesla. One of Uber’s biggest investors, the Saudi Arabian royal family led by Crown Prince Mohammed bin Salman, stands to make a $16 billion payday if Uber’s current valuation remains.

“I do think that we're on track in 2019 for an IPO,” Uber CEO Dara Khosrowshahi said during a CNBC interview. “Lots of things can happen in the world but we have a reasonable buffer as well, so I think we're in a pretty good spot.”

According to The Hill, Uber, which has never made a profit, will most likely remain unprofitable for at least three years. However, it expects to increase revenue from $7.78 billion last year to up to $11 billion this year.

In April, Toyota invested $500 million in Uber as part of a partnership to develop autonomous vehicles.

Lyft, Uber’s main rival, is also expected to go public in 2019. With JP Morgan Chase leading its IPO, Lyft is currently valued at slightly above $15 billion.

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