Lyft shares crashed further to new record lows today following reports that its dominant rival Uber could be filing for an initial public offering as soon as Thursday.

Bloomberg reports that Uber’s offering is expected to be the largest U.S. IPO this year and among the 10 largest of all time, and a person familiar with the matter said the company is seeking to raise about $10 billion. That compares with the $2.3 billion raised when Lyft went public late last month.

“Given the substantial market opportunity and investor interest in the secular ride-sharing opportunity, Lyft will likely benefit from being the only direct publicly traded play on the ride-sharing market,” Susquehanna analyst Shyam Patil said ahead of Lyft’s trading debut. “However, once Uber goes public (expected in the mid-April timeframe), we could see outflows as investors seek to invest in Uber”.

LYFT is now trading down 30% from its post-IPO opening highs...

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Going down?