Uber Planning $1 Billion Funding Round at $40 Billion Valuation Ahead of Vancouver Launch

Uber is planning to raise a massive round at a colossal valuation, new reports suggest.

Citing anonymous sources, Bloomberg News reports that Uber is seeking to raise as much as $1 billion in a single round. The round, according to people with knowledge of the matter, would value Uber at up to $40 billion. This would make Uber more valuable than Twitter, Netflix, and Tesla, among other big-name companies.

This remarkable (potential) valuation comes despite the controversial Silicon Valley company taking hits from major public relations missteps—such as when an executive recently proposed digging up dirt on journalists who wrote negatively about the company—and regulatory obstacles in many cities, including Toronto and Vancouver, where it is quietly expected to re-launch soon.

Uber was founded in 2009 in San Francisco by Travis Kalanick and Garrett Camp.