Uber, already the most richly valued private company in the world, is about to get richer. Bloomberg reports that the global ride-hailing behemoth is seeking another $2.1 billion in a funding round that could increase the firm’s valuation to $62.5 billion.
That means Uber—current valuation: $51 billion—would be worth more than the market capitalization of General Motors, among other blue-chip names, and closer to the realm inhabited by Morgan Stanley and American Express.
The fresh capital also would put more distance between Uber and other big, fast-growing firms still in private hands, such as Chinese electronics company Xiaomi (valuation: $46 billion) and home-sharing site Airbnb (valuation: $25.5 billion).
Uber declined to comment. According to Bloomberg, the new fundraising plans Uber filed are private, so it’s unclear how exactly the company plans to use another $2.1 billion. That said, Uber has no shortage of expenses. In the US alone, Uber is testing a slew of new products—for instance UberPool, for carpooling; UberRush, for small-business deliveries; and UberEats, for meals. Uber also is fighting regulatory battles, lobbying for legislation friendly to ride-hailing, and gearing up for a class-action lawsuit that could threaten the very foundation of its business model.
And that’s just in the US. At last count, Uber was in 67 countries and well over 300 cities worldwide. Uber is spending particularly heavily in China, which CEO Travis Kalanick this summer declared the company’s top global priority. Uber faces fierce local competition there from Didi Kuaidi, a taxi- and ride-hailing company that controls roughly 90% of the market. Uber has tried to make inroads in Chinese cities by greatly subsidizing fares for riders while propping up earnings for drivers. In a letter to investors this summer, Kalanick said Uber planned to invest more than $1 billion into its China operations in 2015 alone; he’s since raised another $1.2 billion specifically for that effort.
So another $2.1 billion? Sure, it’s a lot of money. But Uber will find somewhere to put it.