Databricks is closing a late-stage Series K financing that will value the San Francisco-based data-analytics company at just over $100 billion, according to people familiar with the terms and a statement confirmed by the company. The figure represents a 61% jump from the $62 billion valuation it secured in December 2024 and would place Databricks among a handful of private firms worldwide to cross the $100 billion threshold. The round, sized at about $1 billion and described as heavily oversubscribed, is being co-led by Thrive Capital and Insight Partners, with existing backer Andreessen Horowitz also committing fresh capital. The deal lifts total funding raised since Databricks’ 2013 founding to roughly $20 billion. Chief Executive Officer Ali Ghodsi said the proceeds will be channelled into expanding Lakebase, a Postgres-based database optimised for AI agents, and Agent Bricks, the company’s platform for building enterprise AI assistants. Databricks also signalled appetite for acquisitions to deepen its artificial-intelligence portfolio. Databricks told investors it expects annualised revenue to reach $3.7 billion by July, reflecting roughly 50% year-on-year growth, and that it has been cash-flow positive since January. The fundraising surge underscores continued investor demand for companies supplying the infrastructure behind generative-AI applications, even as Databricks remains private and competes with publicly traded rivals such as Snowflake, Amazon Web Services and Microsoft.