Uber CEO Dara Khosrowshahi image : TechCrunch on Flickr

As per a new report from the Wall Street Journal, proposals by U.S. banks bidding to run the public offering of on-demand giant Uber are vouching on a $120 billion valuation for the company as it debuts on the public market.

This would be nearly $50 billion more than its current valuation even as it currently holds the position of the most valuable private tech startup. As per the WSJ report, Goldman Sachs and Morgan Stanley which are said to be in top positions for roles in the IPO delivered the valuation proposals to the company.

Uber was valued at $72 billion from a most recent $500 million investment from Toyota which centered around a partnership on the development of autonomous technology. In preparation for an IPO, It has made key hires to fill positions in the company with a notable one being the appointment of financial industry veteran Nelson Chai for the CFO position after a very long search spanning several candidates.

A $120 billion valuation would be more than that of several leading automobile firms combined. Uber isn’t profitable yet but keeps minting billions of dollars in annual revenues. An IPO would stand to test investor appetite for on-demand giants which have been long anticipated for a debut on the public market.

Along with Uber, It’s main competitor Lyft is also set for a public offering in soon time although it’s currently unclear when exactly the company intends to go public.

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