Lime’s $2bn IPO Tests Micromobility’s Shift from Venture Experiment to Profitable Urban Transport

Lime files for a Nasdaq IPO targeting a $2 billion valuation after posting 29% revenue growth and three years of positive free cash flow.

The shared e‑bike and scooter sector is moving from a venture‑backed experiment to a test of whether micromobility can operate as durable urban infrastructure. Lime, formerly Neutron Holdings, survived while rivals such as Bird filed for bankruptcy and many operators pulled back from cities. Uber retains more than a 10% stake, giving the listing added visibility for the whole category.

Lime will trade under the ticker LIME and seeks a valuation of roughly $2 billion. In 2025 the company reported revenue of $886 million, up 29% year‑over‑year. It generated $103.8 million of free cash flow, marking the third consecutive year of positive free cash flow. Gross margin improved to 39% from 32.4% in 2023, while the net loss widened 75% to $59.3 million as investment in fleet and expansion continued.

Investors will view Lime more as a transport operator with a technology layer than a pure software play. Profitability hinges on local execution: vehicle utilization, repair cycles, and city‑specific permitting rules. Hardware depreciation, insurance exposure, and municipal fees are key mechanics that could sway valuation. The IPO will also be benchmarked against peers like Uber (ticker UBER) and Lyft (ticker LYFT), which trade at multiples of revenue far above Lime’s implied ~2.25x price‑to‑sales if priced at $2 billion.

Watch for the IPO pricing date, first‑day trading performance, and subsequent disclosures on fleet longevity and city‑by‑city utilization metrics.