Databricks secures funding round at $188 billion valuation

Databricks said on Thursday it has signed ​a term sheet ​for a strategic funding round that values the ​data analytics software firm at $188 billion.

Here are a few details:

The round, which Databricks expects to close later this summer, ‌is being ⁠led ⁠by existing investor Coatue and will include both new and ​existing investors.


Databricks, one of the world's most valuable privately ​held companies, earlier this year completed a fundraising of about $5 billion at a $134 billion valuation.

Databricks offers a platform designed to help ⁠users ingest, ‌analyze and build AI applications using complex data from various sources. It competes with ⁠Snowflake, and analysts widely see it as a public-listing candidate along with marquee names such as OpenAI and Anthropic.

Earlier on Thursday, the Wall Street Journal reported that investment firm Coatue Management was leading a $3 billion investment in Databricks at a $188 billion valuation, citing people familiar ‌with the matter.

Coatue could not immediately be reached for comment outside business hours.

​This is ​the latest ⁠sign of investors placing large bets on companies poised to benefit from the wider adoption of artificial intelligence. Technology ​giants are on track to invest billions of dollars, while the two largest AI firms, OpenAI and Anthropic, have filed their IPO paperwork.