Uber is expected to register its initial public offering Thursday. The company, which plans to sell roughly $10 billion worth of stock, is aiming for a total valuation of $100 billion. It would be the year’s largest IPO filing and among the biggest in history. But Uber’s projected valuation is actually lower than previous expectations, perhaps reflecting an atmosphere of restraint after Lyft shares have fallen in the week since they began trading. Meghan McCarty Carino looks into the process of valuing companies in this age of unprofitable unicorn startups.

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