AI startup Baseten has recently been in talks with investors to raise $1 billion at an $11 billion valuation including the money, according to a person with knowledge of the fundraise. That would more than double the company’s $5 billion valuation from its last round, which was announced just three months ago.

The fundraising comes on the back of strong revenue growth for the startup, which rents out Nvidia AI servers to application developers and helps them train, customize and run primarily open-source AI models.