Uber Technologies Inc. has recently received proposals from banks for an initial public offering valuing the ride-hailing company at as much as $120 billion, The Wall Street Journal reported, citing people familiar with the matter.

An IPO at that amount, which could take place early next year according to the Journal, is far more than Uber’s most recent valuation of about $76 billion, following a $500 million investment from Toyota Motor Corp. in August.

Uber had long been one of the most valuable startups in the world, until China’s Bytedance Ltd. was said to be valued at $75 billion. Goldman Sachs Group Inc. and Morgan Stanley delivered the proposals to San Francisco-based Uber last month, the Journal reported, citing the unnamed people.

Uber has been among the most highly-anticipated IPOs. The company, founded in 2009, has raised a sizable amount of private capital, including from SoftBank Group Corp., which is its largest shareholder.

Smaller rival Lyft also has been preparing to go public next year. Lyft has hired IPO advisory firm Class V Group LLC.

Reuters contributed to this report.