Databricks is finalizing a funding round led by Coatue Management that will add $3 billion to the company's balance sheet. This investment values the data analytics provider at $188 billion.
The startup's valuation has jumped 40% as the AI boom has driven demand for its data-analytics software. This figure sits above previous reports that the firm was valued at up to $175 billion.
Having remade its image into an AI company, Databricks has published research on the cost savings of open weight AI models for coding. Despite the valuation, the company maintains that it is in no rush to go public.