Airbnb, already one of the more valuable private tech companies in the United States, just closed another $1 billion round of funding, pushing the valuation of the lodging and travel company up to $31 billion. More impressive, Airbnb became profitable in the second quarter of 2016 and intends to be profitable in 2017—no small feat in an industry that often prioritizes growth over returns. The new funding brings Airbnb’s war chest to $3 billion since its 2008 founding, pouring more cold water on any speculation that Airbnb will soon follow in the footsteps of Evan Spiegel’s Snap and file for an I.P.O.

But while Airbnb doesn’t have plans to enter the public markets, the home-rental giant has a relatively sophisticated long-term strategy compared to its highly valued peers. Airbnb has made more than a dozen acquisitions of late, recently buying high-end rental start-up Luxury Retreats as it seeks to move into the wider tourism market. The company is said to be expanding into long-term home rentals as well, a play to reach people who want to find a place to live, and not just a place to crash in a new city for a few nights. Beyond just lodging, Airbnb has also varied the services it provides in the travel sector too, introducing an app for experiences, like dining and planned city tours.

Airbnb still faces a formidable obstacle in the incumbent hotel industry, but investors appear confident in C.E.O. Brian Chesky and chief product officer Brian Gebbia to continue stealing market share from its rivals. With its new valuation, the San Francisco-based company is now nearly as valuable as hotel group Marriott International, and almost twice as valuable as Hilton Worldwide Holdings—and, with just 1,600 employees in 2015, pays for a workforce that is about 1 percent the size of either. By comparison, Uber—the only private tech company currently valued higher than Airbnb—has struggled to generate profit off its core business, while simultaneously trying to dominate new, unproven markets, entering categories like self-driving trucks and manned (or eventually unmanned) aircraft. Though Airbnb, like Uber, has clashed publicly with regulators, there’s something to be said for its seemingly thoughtful strategy of diversifying its services and making acquisitions that seem to directly align with its ambitions of becoming a one-stop shop for travel, rental, and lodging needs. It might not want to go public now, but Airbnb’s litany of offerings will help it appeal to potential investors when it eventually plans its I.P.O.