Dec 29, 2010 10:05 GMT  ·  By

Groupon is continuing to turn heads. After rejecting a $6 billion buyout offer from Google, the company is now said to be raising as much as $950 million in funding at a valuation of $4.75 billion. The company has confirmed the round but not the sums involved.

The new funding round was first reported by VC Experts which uncovered a document filed by Groupon with the State of Delaware. In the document, Groupon reveals that it is able to raise as much as $950 million in a new round of funding.

There will be a securities filing next week with the actual sum, the report also said. Groupon cofounder and CEO Andrew Mason confirmed the new round in a tweet.

"Groupon is in the process of completing a new round of financing - we'll let everyone know when there's more to announce," he said.

While initially, Groupon's valuation was as high as $7.8 billion, it seems that the figure is lower, though equally impressive, $4.75 billion.

That would be below the $6 billion Google was reportedly prepared to pay for Groupon, but much higher than the company's valuation in the previous round of financing this spring.

Groupon has raised about $170 million to date from various investors. Its latest round, in April, was led by the Russian investment company DST and raised $135 million for Groupon.

Of course, there are no guarantees that Groupon will raise $950 million, or, indeed, that it actually wants to, the document just gives it the liberty to do so.

In fact, other sources are saying that Groupon will be raising significantly less than the $950 million speculated, but at least double what it has raised to date.

Even so, it is the largest funding round ever approved. Depending on how it closes, it may be the largest venture capital funding round to date, shadowing Pixar's $500 million round of 1995.

Groupon is estimated to be making as much as $2 billion a year in revenue, quite a feat for a two-year-old company. While it also spends a lot, particularly on its staff, the figure has been rising fast and, if international markets start driving revenue like what Groupon gets in the US, it may be making a lot more by this time next year.