NEW YORK, NY - Meal-kit delivery company Blue Apron may be on the precipice of a multi-billion dollar IPO, Bloomberg says, at the same time the company is on track to reach $1 billion in revenue for the first time.

According to a recent report from Bloomberg, sources familiar with the matter said that Blue Apron has been in the process of interviewing banks to support the company in its initial public offering. Bloomberg refers to this as “a bakeoff,” in which bankers pitch their IPO strategies in hopes of winning Blue Apron’s business. These talks have reportedly been taking place since early last week.

Blue Apron would be valued at about $3 billion in an IPO, people familiar with the situation said in June. A representative for the New York-based company didn’t immediately respond to requests for comment outside of regular business hours.

As revealed by news source Recode, the company is on track to reach $1 billion in revenue over the next 12 months. Known as “annualized run rate,” Recode said that the $1 billion is the amount of revenue the company is expected to make in the next 12 months if it continues to match or surpass its current monthly sales totals.

Sources told Recode that Blue Apron is profitable on an adjusted EBITDA basis, which focuses on earnings before interest, taxes, depreciation, and amortization, as well as typically excluding stock-based compensation. The company has raised nearly $200 million in venture capital from investors including Fidelity, First Round Capital, Box Group, and Bessemer Venture Partners. Blue Apron was valued mostly recently at $2 billion last year, after raising raised $135 million just last year.

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