Turo's plans to go public are still stuck in park. The car-sharing service created in 2010 has teased investors for years now. It has repeatedly filed updated S-1 forms indicating it's ready to launch an initial public offering (IPO). Most recently, it publicly filed for an IPO in January 2022.
IPO
But a combination of factors -- including slowing growth, slumping tech stocks in 2022, and a dismal IPO market in recent years -- have caused the San Francisco company, often compared to Airbnb (ABNB -0.03%) and Uber (UBER -0.14%), to hold off on going public. And in February 2025, it officially withdrew its plans for an IPO.
Read on to learn more about Turo's prospects for becoming a publicly traded company, how to buy its stock when it goes public, its profitability, and whether you should invest in it when its IPO is finally launched.
What is Turo?
Turo is a car-sharing company where car owners rent their vehicles to travelers. The business model means Turo has far less capital tied up in assets than traditional car rental companies do and it needs far fewer employees to operate the business.
The company started in 2009 as RelayRides in Boston and San Francisco before branching out to more locations in 2012. It rebranded as Turo in 2015 and has expanded its service into Canada, the United Kingdom, France, and Australia. The company also secured permission to do business in its 50th state in 2022.
The company filed its first S-1 form -- a prelude to announcing an IPO -- in January 2022. It reported $1.1 billion in host earnings and 161,000 active vehicles in 8,000 cities, with year-over-year guest ride growth of 114%. Turo estimated its total addressable market at $230 billion.
In its latest S-1, amended in November 2024, its figures rose to $4.8 billion in host earnings, with about 350,000 active vehicles in more than 16,000 cities. Its year-over-year guest rides grew only 8%, and its total addressable market fell to $172 billion.
When it filed its initial S-1, the company was narrowing its losses, even after losing almost $100 million in both 2019 and 2020. Things were looking up for Turo, with net losses of only $40.4 million in 2021. As it turned out, however, the IPO market vanished in 2022, with only 218 offerings worth $24.2 billion.
SEC (Securities and Exchange Commission)
Is Turo publicly traded?
Turo is not publicly traded. The company amended its S-1 11 times before withdrawing its plans for an IPO in February 2025.
When will Turo IPO?
It's hard to say when Turo will announce another IPO. After the withdrawal, the CEO stated that the company will shift its current focus to making "important investments in the business that will build long term value for all stakeholders.”
Is Turo profitable?
Turo turned the corner on profitability in 2022, reporting net income of $154.7 million on revenues of $746.6 million. The company's income shrank to $19.4 million with $722 million in revenue through the first nine months of 2024.
The company remains valuable with an estimated $523 million in total funding that has given it a $1.25 billion valuation.
Alternatives to Turo
Since it's not publicly traded (yet), you can't buy Turo stock unless you're an accredited investor. However, there are some Turo-like stocks you can buy.
Avis Budget Group
Like most travel-related stocks, Avis (CAR -1.02%) stock plunged during the COVID-19 pandemic before rebounding as travel increased. In the past five years, its stock has risen nearly 360%, almost quadruple the S&P 500's return of 85% over that same period.
The company reported record annual revenue of $11.8 billion in 2024 and wrapped up a $45 million stock repurchase.
Airbnb
Shares in the home-sharing tech company remained fairly steady over the past year, climbing 10% by mid-2025, with revenue up 12% in 2024. The company expected third-quarter revenue for 2025 to rise to at least $4.02 billion, an 8% year-over-year increase.
Uber
Uber, the original ride-sharing app, has also expanded into delivery through its Uber Eats service. The stock has increased more than 32% over the past year as of mid-2025.
Uber also won kudos from investors by announcing its first share repurchase in early 2024, a $7 billion plan amounting to 4% of the company's market capitalization. This was followed by a $1.5 billion round in early 2025.
How to buy stocks similar to Turo
Investors who want to buy one of these Turo alternatives can purchase shares with any brokerage account. Here's a step-by-step guide on how to invest in stocks like Turo.
- Open your brokerage account: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Brokerage Account
Should you invest in Turo?
Making investment choices is an intensely personal decision that depends on a number of factors, including your risk tolerance. Assuming Turo launches an IPO, you may want to consider buying the stock if:
- You think demand for travel -- especially longer trips -- will continue.
- You like Turo's business model, which requires little capital expense and relies on a contract workforce.
- You believe Turo will be able to avoid significant regulations or lawsuits that curb its revenue.
- You think the economy will remain strong, with inflation falling and consumers spending discretionary income.
- You believe no major competitors will emerge to challenge Turo's leading position in ridesharing.
- You'd like to balance your portfolio with a stock that combines the transportation and tech sectors.
When Turo launches an IPO, you may want to hold off on buying the stock if:
- You think inflation will continue to eat into discretionary income, reducing travel.
- Turo's slowing growth over the last couple of years has you doubting its staying power.
- You're worried about regulations that could hamper Turo's ability to operate in some markets.
- You think major rental car companies will continue to rebound from the COVID-19 pandemic.
- Your portfolio already contains transportation and tech stocks.
- You don't trust stocks that depend on a contract workforce.
The bottom line
Turo should be doing extremely well, following in the peer-to-peer footsteps of runaway successes like Airbnb and Uber. To be sure, its profits haven't shifted into overdrive over the last few quarters, and its IPO withdrawal might not inspire a great deal of confidence.
Even so, Turo's business model is promising, especially given the increased demand for travel. The stock could eventually be a good buy for patient, buy-and-hold investors who believe in its potential and are willing to go along for the ride.
