In addition, the regulatory filing says Pinterest could raise up to $208 million in additional funding.
Citing someone familiar with the matter, WSJ reports the current round includes existing and new investors. This round of funding is expected to close within the next few weeks.
The new valuation would more than double Pinterest's value from last May, when it $4 at a $5 billion valuation.
Since its founding in 2009, Pinterest $4 in seven rounds of funding.
Pinterest's $11 billion valuation would put the icompany among the ranks of the $4, including Xiaomi (valued at $46 billion), Uber (valued at $41.2 billion), and Palantir and Snapchat (valued at $15 billion).