Now That Uber and Lyft Have Filed to IPO, What Happens Next?

The decision by Uber Technologies Inc. and Lyft Inc. to file confidentially for initial public offerings sets in motion two of the most-anticipated tech IPOs in many years and will determine whether the two money-losing businesses can withstand wider investor scrutiny.

Uber and Lyft are racing to go public despite volatile equities markets. Lyft may be determined to go before its much larger rival sucks up all the oxygen. Uber’s investors have long pushed it toward an IPO, which would free them and employees to sell their shares.

Bankers have told Uber it could be worth $120 billion on the ...