We may be getting a bit closer to the Uber IPO that is destined to make the world’s head explode.
According to the Wall Street Journal, alternative taxi service Uber is in talks with banks to set up a $1 billion line of credit. WSJ cited “sources” who said Uber had been contacting a number of banks to discuss possible terms.
As the Journal explained: “Negotiating a credit line is a move that often signals the early stages of preparation for an IPO as it helps cement relationships with banks.”
In terms of timing, the Journal tells us it’s not “imminent” and could be “next year at the earliest.”
Uber has already raised gazillions of funding and is currently valued at $41 billion, so it doesn’t need the money to keep the lights on. Though with the company potentially trying to buy Nokia’s Here mapping unit, as well as trying to break into markets like India and China, it’s probably not having trouble finding places to spend the money it has already raised, either.