Databricks is on track to raise a record $9.5+ billion round at $60B valuation

Databricks is close to finalizing a $9.5 billion round at a $60 billion valuation, including a secondary sale for employees that could climb even higher before it closes, Reuters reports. Just 17 days ago, Reuters reported that the deal was at $8 billion and a $55 billion valuation. Thrive Capital is leading the deal with returning investors Andreessen Horowitz, Insight Partners, and Singaporean sovereign wealth fund GIC.

This is bigger than OpenAI’s $6.6 billion raise in October, the largest round of all time, also led by Joshua Kushner’s Thrive (pictured). Databricks might also take on $4.5 billion of debt as part of this deal.

Despite the jaw-dropping numbers, VCs feel that the reported $92.50 per share is a bargain given Databricks’ biggest competitor is Snowflake, one of tech’s most successful IPOs. That company currently has a market cap around $56 billion.