When new Uber CEO Dara Khosrowshahi last week told the troops not to expect an IPO until at least 18 months from now, it sparked an interesting question: Should Lyft accelerate its own IPO plans, in order to gain a first-mover advantage?

• The argument here seems to be one of creative destruction. A publicly-traded Lyft could effectively reset Uber’s private valuation, thus causing cap table chaos, more board disputes, unhappy employees, etc
• Even if it doesn’t raise again privately, the public comp could delay Uber’s own IPO (i.e., make it wait to grow into its private valuation).
• Plus, Lyft wouldn’t have to go public in the shadow of Uber’s much larger numbers (at least not fully-audited ones).

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