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Uber is finally moving closer to an initial public offering which is expected to land sometime next year. The company recently has been valued at around $70 billion, and today the Wall Street Journal reported that major banks are bidding to run the offering and are valuing the now-massive ride-hailing platform at $120 billion.

That marks a sharp uptick in valuation of about $50 billion dollars and next year's Uber IPO could be one of the biggest offerings ever.

Dara Khosrowshahi, Uber's newly appointed CEO, has recently went on record saying the company is on track for an IPO next year. Interestingly, Lyft, Uber's primary competitor, is also thought to be going public next year. Which goes first is anyone's guess at this point.

Its worth mentioning that Softbank is Uber's largest shareholder currently. This past January the Japanese mega investment firm upped its ownership to a 15 percent. The deal saw Uber remove its previous CEO from the board and appoint four independent directors along with two Softbank representatives on the board.

Softbank has been getting hit hard due to its ties with Saudi Arabia given the recent news. Softbank shares have tumbled since the controversy surrounding a murdered Saudi journalist exploded globally. Monday shares fell by as much as 8 percent. Softbank relies on Saudi money and in fact took in over $40 billion dollars to contribute to the Softbank "Vision Fund", the largest tech investment vehicle in the world.

The fund is absolutely critical for the future of the company and investors are very aware of this. Should something happen in Saudi Arabia in terms of fallout Softbank could be affected.

A $120 billion IPO for Uber, a huge premium over the valuation basis that Softbank paid into, would represent a very big profit for the firm which could help overcome a potential loss of funds from the Saudi Arabia Wealth Fund.