Epic to raise $1.7 billion at $28 billion valuation

Epic Games is in talks with investors to raise $1.7 billion. The company is currently valued at around $28 billion.

This is according to Bloomberg, which cites its anonymous sources familiar with the situation.

So far, Epic has secured commitments of more than $1 billion from mutual funds and other large investors, many of which are existing backers.

The current valuation of the company has dramatically increased since last August when Epic raised $1.78 billion at a valuation of $17.3 billion.

Some of the money raised will likely be spent on lawyers helping Epic win its ongoing antitrust fight against Apple.