Lime files for IPO as Uber-backed micromobility hits a financial crossroads

At a glance:

• Lime has filed its S-1 registration statement for an IPO, revealing revenue growth and positive free cash flow — but roughly $1 billion in current liabilities, with $846 million due within 12 months.
• Uber has committed nearly $500 million to autonomous vehicle startup Nuro and expanded its Lucid Gravity robotaxi order to 35,000 vehicles, while securing critical California driverless testing permits.
• Kodiak AI raised $100 million at a steep share-price discount, Aurora launched driverless truck hauls in Texas for McLane, and several mobility startups closed significant funding rounds.

Lime's long-awaited IPO filing

After years of public hints and repeated delays, Lime has officially filed its S-1 registration statement with the U.S. Securities and Exchange Commission, signaling the Uber-backed electric bike and scooter rental company is finally moving ahead with an initial public offering. CEO Wayne Ting has been discussing the possibility of an IPO since at least 2020, and TechCrunch reported on his comments in 2020, 2021, and 2023 — none of which resulted in a filing until now.

The S-1 reveals a company with improving financial fundamentals. Revenue is climbing, Lime has achieved positive free cash flow, and net losses narrowed following 2023, though there was a slight uptick in losses between 2024 and 2025. Uber remains a significant partner: approximately 14.3% of Lime's revenue in the most recent period came through its integration with the Uber app, which allows Uber customers to find and rent Lime scooters and e-bikes directly.

The debt problem that could derail everything

For all the positive momentum, the filing lays bare a serious liquidity risk. Lime carries roughly $1 billion in current liabilities, of which about $675.8 million is due by the end of 2026. In total, approximately $846 million comes due within the next 12 months. The company does not have sufficient liquidity on hand to cover those obligations, according to its own disclosure.

Lime states the stakes plainly in the S-1: if it cannot complete the IPO and raise the necessary capital, or renegotiate its debt agreements, it may not be able to continue operating as a going concern. Additional risk factors include the concentration of rides in a small number of markets — one market, the United Kingdom, accounted for 22.2% of revenue in 2025 — and the mundane but very real threat of urban road infrastructure. Lime specifically lists potholes as a risk factor, a detail that is equal parts amusing and sobering for anyone who has ridden a shared scooter over cracked pavement.

Uber deepens its autonomous-vehicle bets

Last summer, Uber announced plans to launch a premium robotaxi service using Lucid Gravity vehicles equipped with Nuro's self-driving technology. The deal was notable not just for the technology pairing but for its scale: Uber committed $300 million to Lucid and agreed to purchase "at least" 20,000 of the EV maker's Gravity SUVs over six years. Both figures have since grown — Uber has increased its Lucid investment to $500 million and pushed the vehicle order to 35,000 units.

Details around Uber's investment in Nuro, a privately held Silicon Valley startup, were sparse until now. A source familiar with the deal has disclosed that Uber's total financial commitment to Nuro — including participation in the startup's Series E round and future milestone-based investments — is nearly $500 million. That figure appears to have crossed a significant threshold: Nuro recently secured two critical California permits, a driverless testing permit from the Department of Motor Vehicles and a deployment permit from the California Public Utilities Commission. The company is already testing Lucid vehicles in autonomous mode with a safety operator on board and has begun allowing Uber employees to request autonomous rides in Lucid robotaxis.

Kodiak AI raises capital — at a painful discount

Kodiak AI's first-quarter earnings illustrate the tension between commercial progress and the financial realities of commercializing frontier technology. On the deals front, the autonomous trucking company locked in a commercial contract with Roehl Transport, launched a pilot with West Fraser Timber to test Kodiak-equipped trucks on log-hauling routes in Alberta, Canada, and announced a collaboration with General Dynamics Land Systems to develop autonomous ground vehicles for defense applications.

However, investors reacted negatively to the company's $100 million capital raise. Kodiak sold shares at $6.50 each — a steep discount from its closing share price of $9.10 — and included warrants allowing investors to buy additional shares at prices as low as $6. The raise was led by existing backer Ares Management with participation from several unnamed institutional investors. Kodiak's stock price fell 37% in after-hours trading following the announcement, though shares have since partially recovered. The company will likely need additional capital as it continues to burn cash en route to its stated goal of fully driverless trucking operations on public highways.

Other deals and industry moves

Beyond the headline stories, several other mobility and transportation deals shaped the week:

• Moment Energy raised a $40 million Series B led by Canadian VC firm Evok Innovations, with additional participation from W23 (a grocery-retailer-backed fund), Amazon's Climate Pledge Fund, and In-Q-Tel, the CIA-affiliated venture capital firm. The startup focuses on repurposing retired EV batteries.
• Rocsys, which develops hands-free depot solutions for autonomous electric vehicles, closed a $13 million extended Series A round led by Capricorn Partners, with Scania Invest, Forward.One, SEB Greentech Venture Capital, and Graduate Venture participating.
• Aurora has begun hauling loads in driverless trucks in Texas for distribution giant McLane, marking a commercial milestone — though the trucks still carry human observers in the cab who cannot operate the vehicle.
• Lucid Motors reported first-quarter earnings that reflected ongoing fallout from a supplier issue earlier this year, which forced a recall of its Gravity SUV and a pause on deliveries. The company, also undergoing a leadership transition, revised its production guidance and said it was no longer certain how many EVs it would build or sell this year.
• Ouster announced a new lineup of color lidar sensors, with CEO Angus Pacala expressing confidence the technology will replace cameras in certain applications.
• Volkswagen has overtaken Amazon to become Rivian's largest shareholder.
• EV startup Slate lost a board member: the head of Jeff Bezos's family office departed, according to multiple state filings reviewed by TechCrunch.

Regulatory pulse: California's new AV rules

The California DMV recently finalized updated rules for autonomous vehicles, allowing self-driving trucks to test and deploy in the state while expanding reporting, data collection, and operations requirements. Law enforcement can now issue traffic violations to AVs. A TechCrunch reader poll found the response split: 41 percent said the rules "hit the mark," 31 percent felt they were not restrictive enough, and 27.6 percent believed the rules went too far.

What to watch next

Lime's IPO terms, when disclosed, will be the clearest signal of whether the market is willing to underwrite a micromobility company's debt-laden path to profitability. For autonomous trucking, Kodiak's ability to raise additional capital — and Aurora's progress toward truly driverless operations — will be key indicators of where the industry is headed. And Uber's deepening bets on both Nuro and Lucid suggest the company is building out an autonomous fleet strategy that extends well beyond ride-hailing.