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Despite rumors for weeks that Uber was cobbling together another massive round of venture capital, the news yesterday that the ride-sharing company had raised another $1.2 billion was still pretty stunning.

After all, the company had just raised a $1.2 billion round in June that valued the company at $18 billion. Now, just a few months later, the company could be worth $40 billion if it sells another $600 million in stock available as part of the most recent round.

But if you thought that was fast, well, then hang on. Because Reuters is now reporting that Uber plans to raise another $1 billion in convertible debt. Owners of that debt could convert it to stock at a discounted price when Uber goes public, says Reuters’ source.

Fortune had previously reported that Uber had hired Goldman Sachs to help sell the convertible debt offering, but it only pegged the amount as “hundreds of millions of dollars.”

All of this fundraising comes amid a frenzied global expansion. The company said this week that it will use much of the fresh capital to expand in Asia.

To that end, Uber also said it was looking for strategic investment partners, most likely in Asia and Latin America.

Those would complement some of the new investors in Uber’s $1.2 billion round. The Wall Street Journal reports today that those new faces include the Qatar Investment Authority. In addition, two hedge funds apparently invested: Valiant Capital Partners and Lone Pine Capital.

Sources: Reuters, Wall Street Journal


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