The San Francisco, California-based firm—with 15,000 customers, including payments firm Block, energy giant Shell and electric-vehicle maker Rivian—said it has signed a term sheet for a Series K round, but did not disclose the amount it was raising.

Late last year, Databricks had raised $10 billion in one of the largest venture capital funding rounds in history, which valued it at $62 billion.

The firm expects to use a portion of the latest funds in product development, and for mergers and acquisitions in the AI segment, as corporations and governments worldwide rush to leverage efficiencies from the nascent but rapidly evolving technology.

“Databricks is benefiting from an unprecedented global demand for AI apps and agents, turning companies’ data into goldmines. We’re thrilled this round is already over-subscribed,” Cofounder CEO Ali Ghodsi said.

Startups are choosing to stay private for longer amid higher interest rates and unpredictable market appetite for initial public offerings over the past few years. Capital is also available for larger late-stage rounds as private market investors sit on record levels of dry powder.

OpenAI is also in talks to close an employee share sale, which would value the ChatGPT parent at around $500 billion, Reuters had reported earlier this month.