Twitter is on the brink of nabbing another $100 million in financing, according to the New York Times. This would value the company at $1 billion, bringing back memories of outrageous valuations without corresponding revenue.
Insight Venture Partners and T. Rowe Price are said to be involved in the transaction, which would put them with Spark Capital and Institutional Venture Partners as investors in the popular microblogging site.
Though Twitter may not have nailed down a business model yet, it's certainly accumulating committed users to which any eventual approach to making money could be applied. It has 54 million monthly unique visitors, according to the latest data from comScore. So, Twitter still trails Facebook, with 300 million users by a hefty margin, but it's trending in the right direction at the right speed: fast.
The euphemism for Twitter's current financial situation is "pre-revenue."
As to the investment, Twitter has been keeping its physical and virtual lips shut. If closed, it will follow a previous round in which it raised $55 million. And, the company still has $25 million waiting for a rainy day.
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