Lime Files for IPO After Years of Building Micromobility Empire

Micromobility Giant Goes Public

After years of speculation and strategic positioning, Lime has officially filed for an initial public offering, marking a pivotal moment for the electric bike and scooter company founded in 2017 . The company plans to list on the Nasdaq under the ticker symbol "LIME," with Goldman Sachs and JPMorgan leading the offering .

Sources familiar with the matter suggest Lime is targeting a valuation of roughly $2 billion , which would represent a significant recovery from the pandemic-era lows. This target would climb from the $510 million valuation during Uber's 2020 investment, though still below the company's $2.4 billion peak in 2019 .

The San Francisco-based company operates in approximately 230 cities across 29 countries , positioning itself as the largest global shared micromobility business . It served approximately 19 million riders in 2025 , demonstrating substantial scale in the urban transportation market.

Strong Revenue Growth Amid Profitability Challenges

Lime generated $886.7 million in revenue in 2025, marking a 29.1% increase compared to the previous year . This represents steady growth from $521 million in 2023 to $686.6 million in 2024 . The company also reported positive free cash flow for the third consecutive year, reaching $103.8 million in 2025 .

However, profitability remains elusive. Despite revenue growth, losses deepened, with the net loss for 2025 reaching $59.3 million against $33.9 million the prior year . Net losses had previously narrowed from $122.3 million in 2023 , showing the company's ongoing struggle to achieve sustainable profitability.

Lime faces immediate financial pressures with around $1 billion in current liabilities, of which approximately $846 million falls due before the end of 2026, while holding only $261 million in cash as of March 31, 2026 .

Strategic Partnership Powers Growth

Lime's relationship with Uber has been fundamental to its success, with the ride-hailing giant leading a $170 million funding round in 2020 . As part of that deal, Lime acquired Jump, Uber's electric bike and scooter division that Uber had purchased in 2018 for around $200 million .

Under an exclusive relationship, Lime vehicles are featured as a ride option within the Uber app in nearly all of their shared markets . This partnership generated about 14.3% of Lime's total revenue last year , providing a stable distribution channel that many competitors lack.

Uber remains Lime's largest shareholder with a stake of more than 10% , cementing the strategic alliance that has helped Lime survive the industry's turbulent period while many rivals struggled or exited the market entirely.

Testing Market Appetite for Urban Mobility

Lime now operates with far fewer well-funded rivals than during the sector's peak chaos, potentially improving long-term economics as the market matures . Rival Bird, once valued at more than $2 billion, filed for bankruptcy in 2023 after heavy losses , highlighting the sector's consolidation.

The IPO marks a key test for investor confidence in shared urban mobility services, as Lime seeks to demonstrate that large-scale electric scooter and bike networks can deliver sustainable long-term profitability . Key metrics investors will scrutinize include revenue per ride, average vehicle lifespan, operating margins by market, and capital efficiency .

The timing reflects broader shifts in urban transportation planning and environmental consciousness. As cities increasingly prioritize sustainable mobility options and reduce car dependency, Lime's public debut will signal whether investors believe the micromobility revolution can finally translate ambitious growth into lasting financial returns.