What Happened to Neutron Holdings (Lime)?

Neutron Holdings, doing business as Lime, was founded in January 2017 by Brad Bao and Toby Sun as LimeBike, initially focusing on dockless pedal bicycles. The company quickly gained traction, raising $12 million in venture funding by March 2017. A pivotal shift occurred in early 2018 when Lime strategically pivoted to electric scooters (Lime-S), driven by user data indicating a preference for motorized trips, which fueled aggressive international expansion into major cities like Paris and Berlin.

The micromobility sector, however, proved challenging, marked by intense competition, regulatory hurdles, and significant operational costs. Lime experienced a rollercoaster in its valuation, peaking at $2.4 billion in 2019 before falling to $510 million in a 2020 funding round led by Uber. This period saw many competitors struggle or collapse, but Lime, under CEO Wayne Ting (who took over in 2020), focused on operational efficiency and achieving profitability.

Key turning points for Lime included its strategic partnership with Uber, which transferred its Jump bike business to Lime in 2020, and Uber becoming a significant shareholder. This collaboration proved beneficial, with approximately 14% of Lime's 2025 revenue originating from rentals ordered through the Uber app. By November 2020, Lime reported its first profitable quarter, and by 2022, it achieved sustained positive adjusted EBITDA and consecutive years of positive free cash flow, demonstrating improved unit economics.

As of 2026, Lime has solidified its position as the largest global shared micromobility business, operating in over 230 cities across 29 countries. The company reported revenue of $886.7 million in 2025, a 29.1% increase from the previous year, and $928 million for the 12 months ended March 31, 2026. Despite this growth, Lime recorded a net loss of $59.3 million in 2025. The company has also made significant strides in sustainability, committing to achieving net-zero emissions across all scopes by 2030, with validated science-based targets.

CURRENT STATUS as of 2026-06-22: Neutron Holdings (Lime) officially filed for its Initial Public Offering (IPO) on the Nasdaq Global Select Market under the ticker symbol "LIME." The company plans to offer approximately 6.7 million shares at a price range of $24 to $26, aiming to raise up to $180.9 million. At the top of this range, Lime would be valued at approximately $1.7 billion, with some reports suggesting a target closer to $1.8-$1.9 billion. Uber has indicated an interest in purchasing up to $20 million worth of shares in the offering. The IPO is expected to price the week of June 29, 2026. The company continues to expand its global footprint, including a return to Mexico City with an e-scooter pilot program in June 2026, while also facing city-level contract changes, such as its departure from Denver in 2026.