A rough road

The risk factors in Uber's IPO prospectus are alarming

Ride-hailing pioneer Uber has filed the initial documentation for an initial public offer and is probably aiming to raise about $10 billion, with a valuation of about $100 billion. Alongside its lofty mission statement, Uber has printed a disclaimer suggesting that it expects its operating expenses to increase significantly, and that it may not achieve profitability. Even as it listed a large swathe of transportation-related businesses it is interested in, Uber has also warned investors that these could be dead-ends. The filing highlighted the platforms Uber runs across 700 cities in 63 countries. The core idea — using software to