AI data platform Databricks is set to receive $3 billion in funding led by Coatue, pushing its valuation to $188 billion.
That's a 40% jump from the $134 billion valuation it commanded late last year. The company's annualized revenue run rate surpassed $5.4 billion in February, with AI products contributing $1.7 billion of that.
Databricks helps enterprises store and analyze data, and manage AI models. The fresh capital also gives it more runway to delay going public.