Uber is planning to price its initial public offering at a maximum of $50 per share, the ride sharing giant said on Friday, recalibrating Wall Street’s expectations after rival Lyft’s disappointing market debut.

In an amended regulatory filing with the Securities and Exchange Commission, Uber set the range of its offering of between $44 and $50 per share, below a previously reported range of $48-$55 per share.

The company also disclosed a $500 million investment from PayPal (PYPL), which will purchase Uber stock in a private placement at a price equal to the IPO pricing.

“Based on an assumed initial public offering price of $47.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, PayPal would purchase 10,638,298 shares,” Uber said in the filing.

In an updated picture of its financial health, Uber revealed that it lost an estimated $1 billion in the first quarter—a deficit that more than doubled compared to the comparable year-ago period.

The new filing arrives just as Uber kicks off a roadshow with investors. The fact that Uber is still bleeding money will do little to assuage the market’s widening doubts about ride sharing companies’ ability to turn a profit in the immediate term.

The new range would value the company under $90 billion, and Uber’s IPO is seeking to raise around $10 billion.

Amid high expectations for unicorn tech companies going public, Uber’s chief rival, Lyft, has endured a very bumpy ride. Initial demand for the company’s IPO sent the stock rocketing as high as $88.60 when it debuted last month.

However, doubts about its future — and the competitive threat from Uber — dragged the stock to as low as $55.56 in recent days, and some investors have moved to sue Lyft for overhyping its prospects.

Meanwhile, other private companies valued at over $1 billion