Lime, the San Francisco-headquartered electric bike and scooter rental company, is edging closer to the launch of its initial public offering, according to two sources familiar with the situation.

The company has been testing the waters in the past few months with a view of executing its listing by the end of the first half of 2026, the sources said.

Following positive feedback and momentum stemming from improving market conditions and positive tech earnings, the company is expected to ready itself for the next steps toward the listing in the coming weeks ahead of the formal roadshow, the sources said.

The company is well-positioned to execute its listing before SpaceX prices its own IPO, which is expected to occur over June, one source said, though discussions are still ongoing.

The company previously mandated JPMorgan and Goldman Sachs for the IPO, according to a Reuters report.

The company could achieve a valuation substantially higher than that achieved in a funding round backed by Uber Technologies five years ago, Reuters reported.

Lime raised an oversubscribed USD 523m financing round in November 2021 backed by investors including Uber, Fidelity Management & Research Company, Abu Dhabi Growth Fund, AllianceBernstein, Fifth Wall and Durable Capital Partners, according to a press release.

That round followed a 2020 funding led by Uber and other existing investors that reportedly valued Lime at approximately USD 510m following a sharp reset in private market valuations during the pandemic.

Founded in 2017 and led by former Uber executive Wayne Ting, Lime now operates electric bikes and scooters across more than 280 cities in nearly 30 countries spanning North America, Europe, Asia and Australia, according to company disclosures, and operates a fleet spanning over 270,000 vehicles.

Lime previously reported USD 810m in gross bookings and USD 686m in net revenue for 2024, both up more than 30% year over year, while adjusted EBITDA exceeded USD 140m, according to company disclosures released in February 2025.

In May 2025, the company announced a partnership with Cyclic Materials to recycle rare-earth magnets from retired electric vehicle motors across North America, targeting greater circularity and supply-chain efficiency across its fleet operations.

Lime, JPMorgan and Goldman Sachs declined to comment.