Databricks has signed a term sheet for strategic funding at a $188 billion valuation, another large private-market mark-up for one of the central companies in enterprise AI infrastructure.

The company said the round is expected to close later this summer and will be led by existing investor Coatue, with other new and existing investors participating. Databricks did not disclose the amount of capital in its announcement. TechCrunch reported that other outlets have put the prospective raise at roughly $3 billion, but the confirmed claim is the signed term sheet and valuation.

Databricks framed the financing around its AI platform strategy rather than general corporate growth. The company said the capital will support Unity AI Gateway, a governance and cost-control layer for enterprise AI; Genie, its business-data assistant; and Lakebase, a serverless Postgres database designed for AI agents. It also said the money is expected to support future AI acquisitions and research.

The timing matters because Databricks is trying to reposition its data platform as infrastructure for companies that want AI systems connected to governed internal data. That push overlaps with a broader enterprise concern: controlling model costs, security, access, and reliability as AI moves from experiments into production workflows.

The announcement is still a financing milestone, not proof that the strategy has fully paid off. The round has not closed yet, and Databricks did not provide fresh revenue or profitability figures. But a $188 billion valuation would extend its rapid climb from earlier AI-era financings and make enterprise AI governance one of the clearest themes investors are still willing to underwrite.