Wall Street bank proposals value Uber at $120 bn in a possible IPO

That eye-popping figure is nearly double Uber's valuation in a fundraising round just two months ago and more than GM, Ford Motors and Fiat Chrysler Automobiles NV are worth combined

Uber Technologies Inc. recently received proposals from Wall Street banks valuing the ride-hailing company at as much as $120 billion in an initial public offering that could take place early next year, according to people familiar with the matter.

That eye-popping figure is nearly double Uber’s valuation in a fundraising round just two months ago and more than General Motors Co. , Ford Motor Co. and Fiat Chrysler Automobiles NV are worth combined.

Goldman Sachs Group Inc. and Morgan Stanley MS 0.09% last month delivered the valuation proposals to Uber, the people said. These documents, which typically advise on how to position