Chinese ride-hail giant Didi is reportedly eyeing a $70 billion valuation for its upcoming US IPO

• Didi Chuxing is set to IPO in the US at a valuation of up to $70 billion, according to the Wall Street Journal.
• Didi controls much of the Chinese ride-hailing market, after a bruising price war with Uber.
• Didi Chuxing, which roughly translates to "beep beep travel," is making its US debut in an especially hot market for deals.

Chinese ride-hail company Didi Chuxing is set to IPO on the New York Stock Exchange with a $70 billion target valuation, according to a report from the Wall Street Journal.

The company plans to raise almost $4 billion in funding by selling 288 million shares at an estimated price of $13.50 per share, according to SEC filings. The IPO is being underwritten by Goldman Sachs, Morgan Stanley, and JP Morgan, among others.

Didi controls much of the Chinese ride-hailing market, after a bruising price war with Uber in 2016 that forced the American ride-hailer to sell its China unit to Didi. Following the Uber buyout, Didi was valued at $35 billion despite making regular losses.

While Didi's valuation has doubled since 2016, it is still loss-making, with a $1.63 billion loss in 2020. Still, the company turned a $30 million profit in the first quarter of 2021, according to the filings.

Didi Chuxing, which roughly translates to "beep beep travel," is making its US debut in an especially hot market for deals. US IPOs have raised more than $70 billion already this year, according to Dealogic data cited by the Journal. Lawyers and financiers are reporting frenzied deal-making activity not seen for decades.