CoreWeave is in talks to sell existing shares in a deal that could value the company at $23 billion.

Bloomberg reports that the company is in talks to allow existing shareholders, including employees, to tender between $400 million and $500 million worth of their holdings.

The deal would value the company above the $19.1bn it was given in May and the valuation of just $7bn last December.

Earlier this year, the company raised $7.5bn in debt from financiers led by Blackstone.

CoreWeave, which has rapidly built out an AI cloud platform after pivoting from crypto, is believed to be mulling an IPO early next year.

This summer, CoreWeave announced that it had hired executives from Google, Amazon Web Services, and Oracle to expand its hyperscaler ambitions.