Leaked Doc: Uber Nears $2 Billion in Revenue, Expects IPO in 18-24 Months

Uber is expected to process $10.84 billion in bookings this year, based on an investor presentation leaked to Reuters. Since Uber takes a 20 percent cut of each ride, that means it will bring in roughly over $2 billion in revenue according to our calculations.

Its 2016 projection numbers are nearly triple that, showing $26.12 billion in payments processed, which is a little over $5 billion in revenue. The document also predicted an IPO for Uber within 18 to 24 months. Although there’s been plenty of theorizing about when Uber would go public, this is the first indicator on the potential timeline.

Reuters didn’t say when the presentation was dated, although it mentioned the document has information from June, so it looks like Uber is expected to IPO somewhere between the end of 2016 and late 2017.

When reached by Re/code, an Uber spokesperson said, “We don’t comment on rumor and speculation.”

This has been the summer of Uber leaks. First, Bloomberg got its hands on Uber’s operating losses and revenue from an unspecified period of time. Then Uber revenue and expense data from 2014 and earlier was given to Gawker. Both leaks showed that Uber is spending money as fast as — or faster than — it’s making it. The data raised questions about whether the company’s business model is sustainable, but there wasn’t enough information — such as up-to-date numbers on its most mature markets — to settle the debate.

The document given to Reuters, which came from a presentation to potential investors for its China-specific fund, has the most current data on Uber’s revenue yet. In addition to Uber’s 2015 and 2016 projections, it shows the company processed $2.91 billion in bookings in 2014, which we estimate is about $600 million in revenue, and $687.8 million in 2013, which is $137 million in revenue. If the projections are accurate, Uber’s revenue will have almost quadrupled in the last year alone.

However, information on its expenses was nowhere to be found. Uber significantly ramped up its expansion efforts in China and India in late 2014 and 2015, with floods of bonuses and deals to entice drivers and passengers, so it’s safe to assume it’s hemorrhaging cash.

It still has plenty of time to change that before facing the music of the public markets.

This article originally appeared on Recode.net.