Following years of indications and groundwork, the Uber-supported electric bike and scooter hire startup Lime has submitted for an initial public offering.

The firm, incorporated as Neutron Holdings Inc., has contemplated the public markets for at least five years. CEO Wayne Ting most recently discussed with TechCrunch in 2023 the potential of an IPO, emphasizing that Lime possessed the economic metrics, growth potential, and profitability needed to take the startup public. The only necessity was favorable market circumstances.

That moment seems to have arrived.

The firm aims to list on Nasdaq under the ticker symbol “LIME.” Lime did not disclose the offering terms, which were submitted Friday to the U.S. Securities and Exchange Commission.

Lime’s IPO submission reveals a company with increasing revenue, yet to achieve profitability. The organization generated $521 million in revenue in 2023, $686.6 million in 2024, and $886.7 million last year.

Its net losses amounted to $122.3 million in 2023, but that figure has shrunk over the past two years. Lime reported net losses of $33.9 million in 2024 and $59.3 million in 2025. Lime also mentioned it had free cash flow in the past three years; its free cash flow was $104 million in 2025, nearly double the previous year’s figure due to an uptick in cash supplied by operating activities.

Founded in 2017, Lime has strong connections to Uber. The ride-hailing and delivery behemoth spearheaded Lime’s $170 million funding round in 2020. As part of that arrangement, Lime acquired Jump, the electric bike and scooter division that Uber purchased in 2018 for approximately $200 million. Following the acquisition, Jump’s branding vanished, and its resources were merged into Lime. In the years following, Lime has formed a closer relationship with Uber. After the acquisition, Jump’s branding vanished, and its resources were merged into Lime. In the years that followed, Lime has developed a closer association with Uber.

The acquisition also accelerated Lime’s growth. The company, which allows users to rent scooters and ebikes via its app, is currently operating in 230 cities across 29 countries.

Lime’s affiliation with Uber has also served as a consistent advantage for the enterprise. Under their exclusive partnership, Lime vehicles are presented as a ride option within the Uber app in nearly all shared markets. A portion of Lime’s revenue — about 14.3% last year — was generated through its collaboration with Uber, as indicated in the SEC document.

Feel sorry for the PJM Interconnection. For many years, the grid operator functioned discreetly behind the scenes, aligning electricity demand with supply. In the meantime, consumers benefited from some of the lowest electricity rates in the United States.

That is no longer the case. Politicians, businesses, households, and power companies believe it is due for a significant redesign. Even PJM concurs.

This week, PJM issued a white paper stating that the region “has years, not decades” to implement essential reforms in its operations. “The current state is unsustainable,” PJM CEO David Mills mentioned in the report’s foreword.

Typically, such technical reports would be reviewed by a select group of legislators and regulators. However, PJM’s area includes a significant number of data centers, notably in the compute-intensive Northern Virginia region. Changes affecting PJM will reverberate through the tech industry.

The 70-page document serves as a reflective exercise. Yet, despite the profound reflection, not everyone is persuaded that the organization can manage its own reform. One utility, American Electric Power, is contemplating withdrawing from PJM entirely.

“The existing condition of PJM’s performance and stakeholder consent process does not fill me with confidence that these challenges will be addressed soon,” Bill Fehrman, AEP’s CEO, stated during an earnings call on Tuesday. “In fact, if action is not taken promptly, I anticipate we could still be having these identical discussions in 10 years. The PJM market functioned efficiently when supply outstripped demand; we are now in a distinctly different era.”

What has changed

The rise of cloud computing and AI is beginning to strain PJM’s current generating capacity. Amid escalating demand, PJM halted applications in 2022 for new generating sources to connect to its grid, citing a backlog lasting several years. Just when the need for electricity was set to increase for the first time in decades, the grid operator barred new sources from even applying for integration.

PJM is not solely responsible for the prolonged backlog. Numerous interconnection requests are duplicates—developers often propose virtually identical projects in different grid regions to determine which gains approval first. PJM’s sluggish approval system meant that out of over 300 gigawatts of projects waiting in 2022, only 103 gigawatts signed agreements, and merely 23 gigawatts have been connected thus far. Most developers opted to withdraw instead of enduring the wait.

The demand in the region continues to be so immense that, since PJM recently reopened the queue, power companies and project developers have submitted more than 800 interconnection requests for 220 gigawatts of new power. PJM may have attempted to pause new requests, but it did nothing to mitigate the demand for new interconnections.

What PJM is proposing

In its white paper, PJM has suggested three alternatives. One would necessitate utilities and power generators to essentially make larger, longer-term commitments. (Currently, PJM requires them to commit to supplying a specific amount of electricity for three years.) The second alternative would modify reliability guarantees for customers—those paying less might experience power cuts first. The final option would aim to transition PJM towards a real-time market, where prices are dictated by supply and demand, without completely eliminating the stability provided by long-term contracts.

It’s challenging to envision PJM emerging favorably from any of these scenarios.

Firstly, PJM’s market operation has somewhat restricted it to a three-year perspective. This approach seemed effective when natural gas power plants replaced coal-fired generators, but nowadays, solar and batteries can be deployed at least two to three times faster. Additionally, the scarcity of natural gas turbines means that power plants proposed today won’t be able to install the necessary equipment until the early 2030s. Furthermore, turbine prices have soared due to demand from hyperscalers. Given these conditions, it’s difficult to see suppliers eager to commit to an even longer timeline.

The second alternative could lead to PJM dividing its region, its customers, or both into categories of “haves” and “have nots.” For individuals and businesses strained by years of increasing utility bills, it’s hard to imagine them being pleased with reduced service. Politicians have taken note of rising power prices and anti-data center sentiments, making it unlikely for them to support this option.

The final approach possesses the most nuance, yet it also appears as PJM attempting to appease all stakeholders. It’s the sort of plan that seems like it should attract large utilities like American Electric Power, allowing them to engage in short-term markets for greater profit while still benefiting from reliable long-term contracts—essentially, having their cake and eating it too. However, if AEP, one of the largest utilities in PJM territory, isn’t enthusiastic about the offering, it’s hard to see how PJM can select that one either.

The surge in demand for data centers has coincided with disruptions from renewables and batteries, which continue to decrease in price. Those trends are now colliding with an organization that is either unwilling or unclear about how to change its operational practices.

PJM may have hoped its white paper mea culpa would grant it some leeway. But with politicians hinting at price caps and utilities hesitating about future involvement, the grid operator may not have the luxury of years to resolve these issues. It appears a tumultuous few years lie ahead.

Much of the discussion regarding AI in healthcare revolves around diagnosis and medication discovery or the interactions between doctors and patients. However, a less prominent aspect of the system influences whether patients actually receive care at all, and it relates less to the scarcity of doctors (which is indeed a problem) than to the overwhelming administrative tasks (which are excessively burdensome) that occur between a primary care physician sending a referral and a specialist’s office scheduling the patient. This gap is significant, persistently manual, and increasingly garnering genuine attention from venture capitalists.

Kaled Alhanafi, who previously held roles at Lyft and Cruise, and Chetan Patel, who devoted ten years to developing cardiac devices at Medtronic, established Basata after both confronted this issue firsthand.

For Patel, the problem became particularly poignant when his wife collapsed during a flight with their young children. Despite his extensive understanding of cardiology and the specific devices that could assist her, he notes that navigating the administrative framework to secure her appropriate treatment took far too long. “We have exceptional doctors and some of the best medications available, but the gap in care is enormous,” he remarked.

Alhanafi recounts a similar situation involving his father, who was referred to three cardiology clinics following a critical carotid artery diagnosis. According to Alhanafi, only one of the clinics returned the call within a couple of weeks. Another one responded only after the surgery had already occurred. The third has yet to make contact.

Such outcomes are not uncommon, as nearly anyone who has attempted to consult a specialist in recent years will confirm. Specialty practices that receive referrals often handle hundreds or even thousands of documents — the majority arriving via fax — with minimal administrative teams. These practices lose patients not out of disinterest, the company argues, but due to their inability to manage the intake backlog.

Basata, established two years ago in Phoenix, aims to resolve this issue. When a referral is received — still typically via fax, unfortunately — Basata’s system interprets and processes the document, extracts the necessary clinical data, and then an AI voice agent directly contacts the patient to arrange the appointment.

Patients can also reach the practice anytime and interact with an AI agent capable of addressing inquiries or managing standard administrative tasks such as prescription refills. Alhanafi mentions that the company has recorded instances of patients being pleasantly surprised by the swiftness of their contact following a referral. The aspiration, he states, is for a patient to secure an appointment by the time they return to their vehicle in the parking lot after visiting their primary care doctor.

The company integrates with the electronic medical record systems utilized by specific specialties, which is why it claims to take a measured approach — starting with cardiology, then moving to urology — rather than attempting to cater to every niche of the market simultaneously. The founders indicate they recently declined a substantial deal in a specialty they have not yet explored thoroughly enough to proceed confidently.

The revenue model is based on usage: practices are charged for each document processed and each call managed, instead of per employee. The company asserts it has handled referrals for approximately 500,000 patients to date, with about 100,000 of those referrals occurring in just the past month.

Basata reports that it has raised a total of $24.5 million, including a recent $21 million Series A funding round led by Lan Xuezhao of Basis Set Ventures, who began her career modeling the human brain as a PhD researcher before transitioning to corporate strategy at McKinsey and Dropbox, later entering the investment sector. Cowboy Ventures, founded by Aileen Lee, also contributed, along with Victoria Treyger, a former general partner at Felicis Ventures, who has recently launched her own venture firm, Sofeon (this represents its first investment).

The competition is intensifying. Tennr, a startup based in New York that was established in 2021, has garnered over $160 million so far — with investments from Andreessen Horowitz, IVP, Lightspeed, and Google Ventures — and boasts a valuation of $605 million. Tennr places a strong emphasis on document intelligence and claims to have developed proprietary language models trained on tens of millions of medical documents. Assort Health, with backing from Lightspeed, focuses on automating patient communication for specialty practices and last year raised funds at a $750 million valuation.

Lee commented that the founders’ years of experience are advantageous in a landscape populated with well-financed rivals. “Many [VCs] are pursuing high school and college dropouts, but when dealing with medical practices, establishing trust is paramount,” she observed. “These physicians want to engage with you directly and be assured they can rely on you.”

Meanwhile, Basata’s founders believe their unique advantage lies in melding both functionalities into a comprehensive end-to-end workflow customized for specific specialties rather than merely constructing a tool addressing one facet of the process. This may become more challenging to maintain as better-funded rivals grow, but there is evidently a market indicator present.

Naturally, as with many AI companies tasked with automating roles currently performed by humans, Basata will eventually confront a more difficult dilemma regarding the boundary between enhancing worker capabilities and making their roles obsolete. For the time being, the founders assert that the administrative staff they collaborate with are not concerned about that; rather, they are anxious about being overwhelmed. Indeed, Alhanafi points out that the administrative personnel in specialty practices often have longstanding tenure and possess a deep understanding of the work; they are also inundated with workloads that no feasible number of additional hires could completely manage.

Whether AI simply broadens what these workers are capable of accomplishing or gradually renders many of their responsibilities redundant is a question that resonates far beyond the realm of healthcare. Currently, Basata’s proposition supports the former: that liberating administrators from the most monotonous components of their jobs enhances their performance in other areas. According to one statistic shared by Alhanafi — that 70% of the company’s new contracts now arise through referrals — it appears that those closest to the issue find this argument persuasive.

Featured above, from left to right: Chetan Patel, co-founder and president of Basata; Kaled Alhanafi, the company’s CEO; and Vivin Paliath, the company’s third co-founder and CTO.

On Thursday, OpenAI announced that its API will now feature several new voice intelligence capabilities aimed at assisting developers in building applications that can interact, transcribe, and translate dialogues with users.

The firm’s latest model, GPT‑Realtime‑2, is an additional voice model crafted to produce a lifelike vocal representation that can engage in conversations with users. However, in contrast to its predecessor (GPT-Realtime-1.5), this version employs GPT‑5‑class reasoning, which OpenAI asserts was designed to handle more complex user demands.

Furthermore, the organization is introducing GPT‑Realtime‑Translate, which, as indicated by its name, aims to deliver real-time translation services that “keep pace” with users in conversation. This feature supports over 70 input languages (languages it can understand) and 13 output languages (languages it conveys to the speaker).

Additionally, the company has introduced a new transcription feature, GPT-Realtime-Whisper, providing users with live speech-to-text functionality that captures interactions as they happen.

“Together, the models we are launching shift real-time audio from mere interactive exchanges to voice interfaces capable of performing tasks: listening, reasoning, translating, transcribing, and acting as conversations progress,” stated the company.

Who will benefit from these updates? Clearly, businesses aiming to enhance customer service functions are a primary audience. However, OpenAI also emphasizes that its new features will be valuable across various sectors, including education, media, events, and creative platforms, among others.

While these tools appear advantageous from a business standpoint, there are concerns about potential misuse. The company mentioned that it has implemented safeguards to prevent these new features from being exploited for spam, fraud, or other types of online misconduct. Specific triggers have been integrated into the system so that “conversations can be interrupted if identified as breaching our harmful content guidelines,” as OpenAI stated.

All new voice models are part of OpenAI’s Realtime API. Translate and Whisper are charged per minute, while GPT-Realtime-2 is billed based on token usage.

Kodiak AI’s stock plummeted 37% in after-hours trading on Thursday after the autonomous truck firm revealed it had secured $100 million by issuing shares at a significant discount — indicating that investors are willing to support the company but not at its existing market valuation.

The firm offered shares at $6.50 each, markedly lower than its closing price of $9.10, as per a report to the Securities and Exchange Commission (SEC). The financing package also included warrants — options that permit investors to purchase extra shares later at a predetermined price, which could be as low as $6.

The funding originated from current supporter Ares Management alongside several unidentified institutional investors.

This capital influx emerges as Kodiak advances its costly mission of expanding its self-driving truck operations, which span off-road industrial environments and public highways, with the ultimate aim of eventually spending less than it earns. Kodiak declared revenue of $1.8 million for the first quarter, an increase from the $1.4 million reported during the same timeframe last year. The company recorded an operating loss of $37.8 million, double the figure reported for the same period last year.

These figures elucidate why the discount terms unsettled investors. The company is depleting cash swiftly, and although the capital raise is considerable, it hardly alters the financial outlook in the immediate future.

Kodiak has achieved some recent advancements on the business side, including a new commercial agreement with Roehl Transport, a pilot initiative to trial Kodiak-modified autonomous trucks at West Fraser Timber Co.’s log-hauling operations in Alberta, Canada, and a partnership with military vehicle manufacturer General Dynamics Land Systems to develop autonomous ground vehicles for defense uses.

Under the arrangement with Roehl, which was also revealed on Thursday, Kodiak-equipped trucks will autonomously transport freight between Dallas and Houston, completing four round trips weekly. The trucks operate without human intervention for the entire journey, but Kodiak maintains a human safety driver behind the wheel as a precaution.

Kodiak’s founder and CEO Don Burnette stated that the company is on course to transition to driverless trucking on public highways later this year as it scales up operations.

“We have numerous over-the-road long-haul projects, and acquiring new partners continues to indicate momentum,” he stated in an interview. “We’re thrilled about the advancements we’re making as we head towards our driverless launch later this year.”

Currently, Kodiak owns the trucks, supplies the safety driver, and handles freight for Roehl along with its other existing highway customers, which encompass Werner, J.B. Hunt, Bridgestone, Martin Brower, and C.R. England. However, this arrangement will shift once it transitions to driverless trucking operations.

“Our goal is to not own the trucks at that stage [but to] operate our driver-as-a-service model, where [customers] own and manage the trucks,” Burnette explained. He noted that this is the practice it employs with its off-highway client Atlas for its driverless deployment in Texas’ Permian Basin.

While Kodiak intends to remove the safety driver by the end of 2026, Burnette mentioned that it will not commence driverless operations on public highways until it has verified the technology.

“It’s already functioning under all the conditions we anticipate for a driverless launch, but there’s extensive validation work that must be completed, and that’s where our autonomy readiness measure comes into play,” Burnette stated, characterizing the initiative — disclosed Thursday — as a zero-to-100 score tracking the extent of Kodiak’s internal safety validation that is finalized. As of April, Kodiak had achieved 86%, Burnette indicated.

The business, formerly known as Kodiak Robotics, went public in September through a merger with the special-purpose acquisition company Ares Acquisition Corporation II, an associate of Ares Management. The agreement valued the startup around $2.5 billion.

At that time, Kodiak raised $275 million in funds. Over $212.5 million originated from specific institutional investors, including $145 million in PIPE funding (Private Investment in Public Equity, a method through which investors buy shares directly from a public firm) and approximately $62.9 million in trust capital from Ares. That trust capital decreased from its initial $562 million as some SPAC investors redeemed their shares — a typical provision allowing SPAC investors to recover their investments before a merger finalizes.