Airbnb has officially raised just over $1 billion in its latest funding round, per an SEC filing, about six months after the company secured $555 million toward the financing in a portion led by Google Capital and Technology Crossover Ventures, according to The Wall Street Journal. The mega-round is now closed and values the vacation-rental company at $31 billion, according to multiple outlets.

Airbnb

Airbnb

Even just counting this new $445 million or so, the round is the largest VC financing for a US-based startup so far in 2017, according to the PitchBook Platform. Instacart’s $400 million round announced earlier this week ranks second, followed by investments in mobile marketplace letgo ($175 million) and Vir Biotechnology ($150 million).

Having now raised nearly $3.5 billion in total funding, Airbnb and CEO Brian Chesky (right) are likely in no rush to jump into the public markets, despite being in better financial health than some other companies that completed recent IPOs. Reports emerged earlier this year that Airbnb turned its first profit during the second half of 2016, a milestone for any startup. That profitability is expected to grow this year, with the company reportedly targeting $450 million in EBITDA and $2.8 billion in revenue. When compared to Snap (NYSE: SNAP), which recorded a net loss of $514.6 million in 2016, Airbnb looks like a promising IPO candidate.

What’s the delay, then?

One possibility is that the company is looking to diversify its product offerings before attempting a public float, a hypothesis supported by Airbnb’s recent M&A activity. The company snapped up two startups just last month: full-service vacation rental platform provider Luxury Retreats and Tilt, a developer of social payment technology. With freshly stocked coffers, it wouldn’t be surprising to see Airbnb continue its buying spree.

?Airbnb also recently launched “Airbnb Trips,” which offers users the ability to complement their travel plans with activities led by locals. The company is also said to be working on a flight-booking feature, which would essentially make Airbnb an end-to-end vacation platform.

Check out some of our previous Airbnb coverage or learn more about the company in its free profile

Article by Mikey Tom, PitchBook