Lime parent Neutron Holdings filed paperwork with the Securities and Exchange Commission (SEC) Friday (May 8) for its initial public offering (IPO).
Sources told the Financial Times (FT) that Lime is hoping to list at a valuation of around $2 billion. That’s up from the $500 million valuation the eBike and eScooter company reached in 2020 when Uber purchased its stake in Lime, which had been valued at $2.4 billion prior to the COVID pandemic.
Lime’s filing shows a 29% increase in revenue in 2025, reaching $886 million, with losses climbing 75% to $59.3 million during the same period.
The company has been cash flow positive for the last three years, but as the FT noted, has warned that it has lost money every year since launching in 2017 and “we may not be able to achieve or maintain profitability in the future.”
The filing adds that Lime’s expenses “will likely increase” as it ventures into new cities and increases its marketing budget. Then there are safety concerns.
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The “perception that our offerings are unsafe could harm our reputation and may make it less likely that riders would be willing to try or continue using our platform,” the filing said. “For example, in the United Kingdom we are subject to claims that our vehicles increase the risk of leg injuries.”
(According to the FT, this has led to a phenomenon known as “Lime leg,” with British news outlet London Centric chronicling a wave of bike-related injuries last year. Lime has said it prioritizes safety and maintenance and 99.9% of its trips happen without incident.)
The FT report noted that an IPO could be a turning point for both Lime and its industry, which has struggled with regulatory issues and failed to pull in investors following years of heavy losses. The report cites the example of Bird, a rival company that filed for bankruptcy in 2023 and was once valued at upwards of $2 billion.
Meanwhile, PYMNTS wrote last week about the diverging paths being taken by Lime backer Uber and ostensible rival Lyft.
Uber has begun to resemble a “sprawling mobility and logistics infrastructure platform,” while Lyft is focused more on transportation, centered around customer experience, premium services and strategic partnerships, that report said.
“Uber believes the future belongs to integrated ecosystems powered by AI, logistics, and cross-platform engagement,” PYMNTS added.
“Lyft believes there is still substantial value in building a highly trusted, mobility-centric transportation brand. The next decade will determine which vision proves more durable.”
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