Bluesky is in the final stages of raising new funding led by Bain Capital Ventures, which would value the social media company at around $700 million, according to three sources familiar with the deal.

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Bluesky officially launched less than a year ago with 3 million users and grew to 25.9 million users in 2024, the company said. Nearly half of those new users were added during the last month and a half of the year after Donald Trump won the US presidential election and some X users fled the platform owned by Trump supporter Elon Musk.

Bluesky last raised a $15 million Series A round in 2024 and an $8 million seed round in 2023. It's unclear how much capital Bluesky is raising in this new round, which is still being finalized, and terms could change.

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The new funding could put pressure on Bluesky to figure out how to make money. The service still has no ads, and Bluesky said in 2023 that it doesn't want to rely on advertising to sustain its business.