A couple of points, without having closely looked at the Uber financing: 1) $11B is the estimate of the revenues of the US taxi & limo market. Uber aims to exp

A couple of points, without having closely looked at the Uber financing: 1) $11B is the estimate of the revenues of the US taxi & limo market. Uber aims to expand the size of that market, by drawing in people who otherwise would not have taken a taxi or limo. 2) Uber is global today, and can expand much faster than traditional T&L companies given its model. Global taxi & limo revenues are certainly higher than $11B. 3) Using $11B as the estimate of the US taxi & limo revenues, it is reasonable to assume that the market value of all US taxi & limo companies is larger than $11B. This assumption rests on the premise that if one owned all US taxi & limo services, one could generate ~$11B in cash annually. I don't know what revenue multiple is typical in this industry, but I'd be somewhat surprised to learn that it's <= 1. (Not to mention the monopoly licenses, brands, customer relationships, autos and other physical plant etc. that comes from owning these assets.)