Ride hailing company Uber Technologies Inc has filed paperwork for an initial public offering, The offering could be the largest IPO next year and one of the five biggest of all time. Bankers have told Uber that the San Francisco-based company could be worth $120 billion on the public markets, people familiar with the matter have previously said. Uber’s rival Lyft Inc. said Thursday that it had submitted its prospectus for an IPO to the U.S. Securities and Exchange Commission. Uber’s filing was reported earlier by the Wall Street Journal.

The two companies are racing toward IPOs as equities markets are in turmoil.