Ride-hailing giant Lyft filed confidential documents for its initial public offering (IPO) today, according to the AP. 

The filing is expected to become publicly available early next year. After it becomes available, Lyft's investment banks will price shares based on investor demands. 

Lyft's filing comes as its rival, Uber, continues to work toward its own IPO, which is also slated for next year, although an exact date has not yet been announced. 

Lyft was previously valued at $15 billion, while Uber was most recently valued at $120 billion. Although Lyft trails Uber in terms of value and market reach, experts said beating Uber to IPO will give Lyft an advantage, as the added attention will cement Lyft as a viable alternative to Uber.