Two of the largest banks in the United States have valued Uber Technologies Inc. at up to $120 billion in a possible initial public offering by early 2019, The Wall Street Journal reported Oct. 16, citing people familiar with the matter.

Goldman Sachs Group Inc. and Morgan Stanley sent the valuation proposals to the ride-hailing company in September, the report said.

Uber received a $500 million investment from Toyota Motor Corp. in August as part of an agreement to expand their partnership to automated vehicle technologies in addition to their ride-hailing collaboration.

Uber CEO Dara Khosrowshahi noted in early 2018 that the company is on track for an IPO in 2019.

Uber declined to comment on the matter, and Goldman Sachs and Morgan Stanley did not immediately respond to requests for comment from S&P Global Market Intelligence.