AI infrastructure company Upscale AI is reportedly in talks to secure its third major funding round, aiming to raise between $180 million and $200 million. This would value the firm at approximately $2 billion, a significant leap from its previous valuations of $300 million after a $200 million Series A in January and just over $100 million following its seed round in September.

Notably, Upscale AI has yet to launch any products but is focusing on developing custom chips and the infrastructure needed for them. The company believes that a full-stack solution with open standards will be key players in future scalable AI infrastructure.

The rapid growth of both the company and its valuation are part of the current trend in AI, where startups gain massive traction and valuations quickly. However, this pace often leaves many questioning whether the hype is just outpacing the actual progress.

Investors such as Tiger Global Management, Xora Innovation, and Premji Invest have already shown their faith in Upscale AI's potential with significant investments, but only time will tell if these ambitions will bear fruit or if this is yet another high-flying tech startup destined to crash.