Uber is hailing more cash from investors, attempting to raise another $2.1 billion that would rocket the company’s valuation to an all-time high and place it firmly at the top of the list of most highly valued privately held companies. At the same time, Uber’s primary U.S. competitor, Lyft, is also asking investors for more cash.

Uber’s fresh fundraising round puts its current valuation as high as $62.5 billion to $64.6 billion, a $10 billion jump from what the company was thought to be worth as recently as spring 2015. BloombergBusiness reports that the company has already closed fundraising deals with Tiger Global Management and T. Rowe Price.

Meanwhile, San Francisco-based Lyft, Uber’s direct competitor in the U.S., is also on the hunt for more cash at a heightened valuation of its own. The startup is raising $1 billion in funds based on a $4.5 billion valuation, reports BloombergBusiness. That puts the total investment sought by ride-hailing startups based in the Golden Gate City at $3.1 billion.

Overall, Uber has raised at least $10 billion to date for its ride-hailing service, which the company has expanded to hundreds of cities in 68 countries. The New York Times reports that its latest fundraising represents the company’s eighth round in just five years. In Facebook’s final fundraising round before the company went public, it was valued at around $50 billion. But Uber’s CEO Travis Kalanick has repeatedly said that the company is not yet ready for an initial public offering.  

Both Uber and Lyft operate on a similar model, permitting riders to summon a nearby car through a smartphone app. However, the companies’ strategies set them apart. Uber is attempting to build its network of drivers globally and has been far more aggressive in expanding into package and food delivery services while Lyft is focused on providing rides in the U.S. Lyft currently operates in more than 200 American cities.