DoorDash is finalizing a fundraising round likely to value the U.S. food delivery app between $10 billion and $12 billion after the investment, just three months after the company raised money at a $7 billion post-money valuation, said two people familiar with the matter.

The talks suggest the disappointing IPOs of Uber and Lyft may not have killed enthusiasm among late-stage, private tech investors, even in companies burning through cash. DoorDash, along with competitors like Uber Eats, Postmates, and Deliveroo, are believed to be losing hundreds of millions of dollars a year to acquire customers who order from restaurants via their apps and attract delivery drivers. Whether public market investors will be willing to match these rich valuations remains unclear.