San Francisco. Uber Technologies Inc filed for an initial public offering, starting the clock on what’s expected to be the biggest US listing this year.

The US ride-hailing giant lost $3.04 billion on an operating basis in 2018 on revenue of $11.3 billion, bringing total operating losses over the past three years to more than $10 billion, Thursday’s filing with the US Securities and Exchanges Commission shows.

The long-awaited filing gives potential investors their first look at hundreds of pages of detailed information about Uber, which was founded in 2009 and has had a winding road to the public market. Uber, which is seeking to raise about $10 billion in its IPO, according to people familiar with the matter, plans to kick off a road show to market shares to potential investors this month and would begin trading publicly in May.

The offering is expected to be the largest US IPO this year and among the 10 largest of all time on US exchanges.

Uber, which has previously made public some of its financial results, disclosed further details in its filing — including a net income of $997 million for 2018. That profit was driven primarily by the sales of assets in Southeast Asia and Russia, as well as an increase in the estimated value of its stock in China’s largest ride-hailing company, Didi Chuxing. Those deals contributed to almost $5 billion in what Uber called “other income.”

Global Reach

Uber’s global reach distinguishes it from rival Lyft Inc, which operates in the US and Canada. Uber has also been reaching beyond the ride-hailing business, pitching investors a broader business that includes food and freight delivery, scooters, electric bikes and even flying cars.

Still, the company is reliant on its core ride-sharing business for the vast majority of revenue. In the fourth quarter of 2018, Uber generated $2.54 billion in adjusted net revenue, with $2.31 billion of that coming from ride-sharing. Only $165 million in net revenue came from Uber Eats.

Uber’s filing follows rival Lyft Inc’s $2.34 billion IPO in March, which is the biggest US IPO so far this year. Lyft increased the number of shares that were sold and priced them at $72 per share — the top of an elevated range — then watched as they jumped 21 per cent at the opening bell. Since then, the stock has fallen to $61.01 per share, sinking its market value to $17.4 billion.

Uber filed with an initial offering amount of $1 billion, typically a placeholder amount used to calculate fees that will change. The company applied to list on the New York Stock Exchange under the ticker UBER. Morgan Stanley and Goldman Sachs Group Inc are leading the offering.