Artificial intelligence startup Baseten is set to raise new funding that would more than double its valuation to about $30 billion, according to people familiar with the efforts.

The funding round is set to include two separate prices, or “tranches,” the first segment of which values Baseten at $26 billion, the people said, asking not to be identified discussing private information. The second tranche values Baseten at $30 billion, they said.

Existing Baseten investor Sands Capital is set to lead the round, the people said.

The fundraising would bring in about $2 billion for the company, one of the people said.

Baseten did not respond to a request for comment. Sands Capital declined to comment. Axios earlier reported the $26 billion valuation.

Baseten, which allows businesses to run multiple AI models through its platform, was last valued at $13 billion in June after raising $1.5 billion. Founded in 2019, the startup is backed venture firms including by Altimeter Capital, IVP and Spark Capital.

Investors are piling into the market for AI inference, or the process of running AI models after they’re trained. Baseten’s closest competitor, Sequoia Capital-backed Fireworks AI, raised $1.5 billion at a $17.5 billion valuation in July.

By some estimates, spending on chips and computing for inference is expected to eclipse that of training AI services, reflecting stronger adoption of the technology and the shift to more computationally intensive tools like agents.

A growing number of AI companies are using inference platforms as they seek to reduce costs associated with running frontier models from the likes of OpenAI and Anthropic PBC, including by fine-tuning open models to their needs.