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Uber has confidentially filed an S-1 document in preparation to hold its long-awaited IPO, according to a report from The Wall Street Journal.

The report comes one day after Uber’s arch-rival, Lyft, also filed its initial paperwork to go public, and the two are now racing to be the first to float in 2019.

According to the WSJ’s report, Uber might go public “as soon as the first quarter,” and it is calling the planning “Project Liberty.” Uber has previously been valued privately at as high as $76 billion, and its advisers reportedly say it may go public for as much as $120 billion.

Uber’s current investors include Toyota, Softbank, Microsoft, Jeff Bezos, Jay Z, Morgan Stanley, and Axel Springer (which owns Business Insider).

In August, Uber hired former Merrill Lynch CFO Nelson Chai as its new CFO as it geared up to go public. The move comes as Uber attempts to move on from successive scandals throughout 2017, that culminated in the ousting of founder and CEO Travis Kalanick, who was replaced by Dara Khosrowshahi, the former Expedia CEO.

Uber did not immediately respond to Business Insider’s request for comment.

2019 is shaping up to be a blockbuster year for tech IPOs. As well as Uber and Lyft, work messaging app Slack also plans to go public next year.

This story is developing…

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