Lyft, maker of a ‘peer-to-peer ridesharing service’ and Uber’s biggest rival in the US, believes it will hit a run rate of $1 billion in gross annual revenue by the end of year, Reuters reported.

The figure is based on its gross bookings in October, when it made around $83 million from 7 million rides, multiplied by twelve, although this falls just short of the $1 billion mark.

The October figure does not include rides from Halloween, which Lyft claims is one of its busiest nights of the year, as they will be included in November’s calculations.

The news “demonstrates what a large business opportunity this is… the market that we are playing in is a $2.25 trillion transportation industry.” said John Zimmer, co-founder and president, adding that many users hail 100 rides a month or more.

Lyft raised $1 billion at a $2.5 billion valuation, and Zimmer said it still has “the far, far majority of that money in the bank”.

However, according to a private fundraising documents obtained by Bloomberg, Lyft lost $127 million in the first half of 2015 on $46.7 million in revenue.

In fact, the report says that although it wants to raise $500 million at a $4 billion valuation, it is “burning through tens of millions of dollars a month” and “has repeatedly underperformed its own expectations.”

Lyft operates in 150 US cities, with 100,000 active drivers providing a million rides a week.

In September, Lyft announced a strategic partnership with Didi Kuaidi –  Uber’s rival in China and responsible for the country’s leading two taxi-hailing apps –  to “make it easier for people to get reliable rides when they travel between the US and China”.