Uber is reportedly raising $2.1B at a valuation of $62.5B

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.

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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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