Ride-hailing company Lyft Inc. is leading a parade of Silicon Valley companies to Wall Street that display an unusual quality with parallels to companies going public in the dot-com era: lots of red ink.

With its initial public offering expected this week, Lyft will serve as one of the biggest tests ever of investors’ appetite for money-losing companies.

Lyft posted last year a loss of $911 million, more than any other U.S. startup lost in the 12 months preceding its IPO, according to S&P Global Market Intelligence. Lyft’s loss, in the sixth year since the company’s founding, could soon be eclipsed by 10-year-old Uber Technologies Inc., which has been losing more than $800 million a quarter. Uber plans to go public later this year.

Many other highly funded startups with a propensity for heavy spending similar to Lyft and Uber are considering listing as they age.

WeWork Cos. reported a 2018 net loss of $1.9 billion on $1.8 billion of revenue. The office-space company has indicated it intends to go public but hasn’t said when. Also, many food-delivery companies that have raised billions collectively are enduring heavy losses as they fight each other for market share, investors said.