The tech space is about to get more crowded. 

Jim Cramer weighed in on the news that Uber and Lyft both filed for their initial public offering's (IPO).

In last week's show, Cramer said that he believed that Lyft's step towards going public signaled a cash flow issue. 

Later last week, it was reported that Uber had also filed for its IPO. 

Cramer said that he's not looking forward to the two companies battling it out on a public stage because they will be siphoning capital away from the FAANG stocks. 

Lyft's IPO

TheStreet contributor M. Corey Goldman reported on Lyft's IPO.

The San Francisco-based company announced on Thursday that it has confidentially submitted a registration statement for an IPO of its common stock with the U.S. Securities and Exchange Commission.

The move is a first step toward becoming a publicly traded company. Lyft didn't specify how much it is seeking to raise or how much it believes it is worth, though it did state in June that it believes it is worth approximately $15.1 billion.

The company also didn't specify the number of shares it plans to offer, or the price range for them.

Following a $1.5 billion funding round last year, Lyft brought on board Kristina Omari as its first-ever vice president of corporate development and investor relations - a sign that it was looking to move toward being a publicly traded company.

Uber's IPO

TheStreet contributor Scott Van Voorhis reported on Uber's IPO.

Barely a day after Lyft filed plans to go public, rival Uber Technologies Inc. is following suit with its own plans for an IPO, The Wall Street Journal is reporting.

Uber filed a confidential Form S-1, the SEC registration form for new securities, the paper reported, citing "people familiar with the matter."

Uber's IPO could come as soon as the first quarter, according to the Journal, and has been widely anticipated, with Uber having previously said it hopes to garner a market value of more than $100 billion.

San Francisco-based Lyft announced Thursday it has confidentially submitted a registration statement for an IPO of its common stock with the U.S. Securities and Exchange Commission.

The move is a first step toward becoming a publicly traded company. Lyft didn't specify how much it is seeking to raise or how much it believes it is worth, though it did state in June that it believes it is worth approximately $15.1 billion.