Uber is close to raising a new round of funding that would value it between $35 and $40 billion, according to Bloomberg. T. Rowe Price is said to be among the new investors.
The valuation matches what Business Insider’s Henry Blodget heard from a source last week.
It would be a massive leap in valuation for the transportation company, which was valued at $18 billion in its last round just this summer.
The company has been embroiled in controversy recently, after one of its executives suggested hiring investigators to dig up dirt on journalists.
But an internal presentation from late 2013 shows the company well on its way to making $1.5 to $2 billion in gross revenue this year. Revenues on New Year’s Eve grew more than 4x between 2012 and 2013.