The Bloomberg report says that the company would seek a valuation between $8 billion to $10 billion from the IPO. That's a small fraction of Netflix, which is currently rated at $80 billion, but it's also a major step up from early last year when iQIYI's founder, Gong Yu, and Baidu co-founder Robin Li tried to take the company private and buy the unit out from the NASDAQ-listed parent company. Their $2.8-billion offer was challenged by U.S. investors and quickly withdrawn.