According to a Wall Street Journal report, Uber Technologies Inc. may be valued as much as $120 billion if it moves forward with an IPO as expected in early 2019.

Uber’s Several Massive Rounds of Funding

The valuation comes on the heels of the company’s latest round of $500 million in corporate financing provided by the Toyota Motor Company in August of this year. That round followed just three months after another enormous round of $600 million was raised on the secondary market in May of 2018, a mere eight months after a massive $7.7 billion round of funding was closed by SoftBank in December of 2017.

Wall Street Raises the Stakes

The Wall Street Journal also reports that both Morgan Stanley and Goldman Sachs are competing to serve in key roles should the IPO go forward as expected. According to reports, it was these two who helped place the valuation at such a height. The new valuation is nearly twice the previous $76 billion valuation sited after the company’s latest round of funding. At $120 billion Uber would be worth more than GM, Ford, and Fiat Chrysler combined.

A Bridge Over Troubled Waters

Uber’s IPO has long been rumored. In August of this year, the company hired former Merrill Lynch exec Nelson Chai to serve as its new Chief Financial Officer in the hopes he would successfully navigate the complicated transaction. The move was seen as Uber’s latest effort to repair a badly damaged reputation resulting from numerous scandals, including workplace sexual harassment charges and theft of intellectual property claims, not to mention the ouster of the company’s co-founder and former CEO, Travis Kalanick.

Whether or not the company will actually be able to fetch the mammoth valuation sited during an IPO is still open to speculation, but after having raised more than $22.2 billion in funding to date, what isn’t open for debate is the fact that Uber is far-and-away the largest ride-sharing company around.