Databricks valuation jumps 40% in 6 months to $188 billion

Databricks is raising more funding to fuel its expanding fleet of AI products.

The cloud-based data platform company announced the strategic funding round late Wednesday, June 16. It said the term sheet had been signed for the raise, which values the company at $188 billion, and would close later in the summer. 

The new valuation marks a 40% jump from December, when it was last valued at $134 billion after completing around $7 billion in investments.The round is being led by Coatue, and will include new and existing investors.