San Francisco, California-based alternative cab service Uber is raising $2.1 billion at a post-money valuation of $62.5 billion, according to a report today.

Uber has already submitted paperwork to the state of Delaware, according to the report today from Bloomberg.

Investors in the round include T. Rowe Price and Tiger Global, the report said. In pitches, Uber was telling investors that it had a $10 billion gross revenue run rate, Bloomberg said.

The company seems to be constantly raising money, having reportedly raised a $1 billion round back in July.

Competitor Lyft, whose investors include Carl Icahn, was reported to be raising a $500 million round at a $4 billion valuation last month. Lyft said recently that it was expecting to have a $1 billion gross annual revenue run rate.

Today Lyft is announcing a new partnership with other ride-hailing companies: Southeast Asia’s GrabTaxi and India’s Ola.

Uber’s Chinese competitor Didi Kuaidi was reported to be raising a $3 billion round in September.

Uber needs a lot of money for a lot of reasons. There are competitors to outmarket. Uber has a nascent self-driving car initiative. And Uber has legal issues to contend with.

Uber declined to comment.

Update at 2:39 p.m. Pacific: The Wall Street Journal is reporting that the funding round could actually give Uber a post-money valuation of $64.6 billion.


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