Alibaba (BABA) and Baidu (BIDU)-backed artificial intelligence startup Vast is in discussions to raise fresh capital in a funding round that could value the company at nearly $2 billion, The Wall Street Journal reported Wednesday, citing people familiar with the matter.

According to the report, Vast has also begun preliminary discussions with investment banks about a potential Hong Kong initial public offering as early as next year, though the talks remain at an early stage and no final decisions have been made.

Alibaba, Baidu and Vast did not immediately respond to requests for comment from MT Newswires.

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