Babylon is said to be weighing up a US initial public offering that could value the health app at $4bn (£2.8bn).
The digital health firm, which offers remote consultations with doctors, has been approached by several bank cheque firms about going public via a Spac deal, Bloomberg reported.
The London-based company is also thought to be considering a traditional stock market float in the US.
Babylon, which operates the GP at Hand app for the NHS, has benefited from surging demand for digital health services during the pandemic.
It has also been eyeing further expansion in the US and has made a number of senior C-suite appointments to help lead its business in the country.
It comes after Babylon pulled out of China by ending a partnership with Tencent-owned Wechat.
Babylon, founded in 2013 by former Goldman Sachs banker Ali Parsa, was last valued at $2bn following a $550m funding round led by Saudi Arabia’s Public Investment Fund.
The most recently available filings for Babylon Healthcare Services Limited show the company posted an operating loss of £1.8m, with GP at Hand users rising to 75,000.
A Babylon spokesperson declined to comment.