San Francisco-based food delivery business DoorDash Inc. is in talks with banks over a $400 million credit facility ahead of a potential IPO that could come as early as next year, Bloomberg News reported Aug. 8, citing sources familiar with the development.

The sources reportedly said JPMorgan Chase & Co. is leading the potential financing.

JPMorgan Chase declined to comment to S&P Global Market Intelligence, while DoorDash did not immediately respond to an email seeking comment.

The food delivery startup reached a valuation of about $12.6 billion in May after raising $600 million in a series G round from investors including SoftBank Vision Fund LP, Sequoia Capital and Darsana Capital Partners LP.

In August, DoorDash acquired Square Inc.'s food delivery platform Caviar for $410 million.