After years of speculation, the scooter and electric bike (e-bike) company, Lime, is ready for an initial public offering (IPO). From its mandatory S-1 filing with the U.S. Securities and Exchange Commission, it plans to list under the ticker LIME.
The global scooter and e-bike markets are both growing, but there's a Lime partner and backer that's a better investment: Uber Technologies (UBER 0.92%).
Image source: Getty Images.
Why Uber benefits from the Lime IPO
In 2018, Uber invested in Lime in a $335 million round, and it began offering Lime rentals on the Uber app. Then in 2020, Uber led a $170 million investment round in Lime.
Over the last few years, Uber has become increasingly important to Lime's total revenue, accounting for 14.3% of it in 2025.
Lime benefits from Uber's reach, and Uber benefits as more people use Lime, as it owns a stake in the company. For Lime's business prospects, it's in two markets expected to show noticeable growth, as the global electric scooter market is projected to climb from $21.4 billion in 2025 to $62.7 billion in 2034, according to Fortune Business Insights. Also, according to Fortune Business Insights, the global e-bike market is expected to grow from $57.5 billion in 2025 to $193.2 billion by 2034.
As those markets are growing, so too has Lime's revenue, rising from $686.6 million in 2024 to $886.7 million in 2025. But the company also has a loan that it may not be able to cover by the end of the year. "As of Dec. 31, 2025, we had cash and cash equivalents of approximately $339.8 million. In addition, we have principal payments on the 2021 Notes and the Senior Secured Term Loan totaling approximately $675.8 million, due within 12 months of Dec. 31, 2025, and we do not currently have sufficient liquidity to repay them. As a result, management has determined that substantial doubt exists about the Company's ability to continue as a going concern," Lime said in its filing to go public.
A lot is riding on this IPO, and as exciting as a new listing can be, I'd still rather own Uber stock.
The bigger opportunity is through Uber
If Lime falters as a publicly traded company, Uber would take a financial hit, but its survival is not at risk.
NYSE: UBER
Key Data Points
If Lime's IPO is successful, Uber benefits from its stake in the company and the growing scooter and e-bike market. But that's just a cherry on top, as it also has a much larger addressable market than Lime through its rideshare and delivery platforms. As a point of comparison, Uber's revenue in 2025 was $52 billion, while Lime's was under $900 million.
In addition to its current operations, Uber will also have robotaxis to generate revenue. By 2035, Goldman Sachs forecasts the global robotaxi market will reach $415 billion, with $48 billion from the U.S. Uber is preparing to meet that demand, signing deals for robotaxi vehicles from Lucid Group and Rivian Automotive. With the larger revenue potential, Uber is more attractive as a long-term investment opportunity.
