That's what it's telling prospective investors, according to Bloomberg News, which cited a company document. The document -- which showed that the operating losses are being accrued as the company expands -- is being used to sell $1 billion to $1.2 billion in convertible debt. The document also showed the company is experiencing 300% year-over-year growth.
Although it doesn't indicate the time period for those results, an Uber spokeswoman told the news outlet they were "substantially old numbers" that don't reflect the company's current business activities.
Hillhouse Capital Management is leading a convertible-bond deal, according to Bloomberg, which cited a person with knowledge of the matter, and those bonds can be converted to shares at a discount should Uber go public. The bonds reportedly mature in 2022 and have a maximum annual return rate of 8%.
The company is said to be raising money at a $50 billion valuation. Five years after launching in San Francisco, Uber already operates in more than 300 cities and 58 countries. The company says more than one million drivers have provided hundreds of millions of rides.
Uber has been focusing on expansion in new cities, countries and through new partnerships.
On Tuesday, the company announced a new affiliate program for U.S.-based developers that will let them earn cash for every U.S.-based Uber user they refer.