AsianFin – Databricks, the global data, analytics, and artificial intelligence company, announced Tuesday that it is pursuing a Series K funding round exceeding $1 billion, with all parties having signed a term sheet. The new round would push the company’s valuation past $100 billion.

The move comes just months after Databricks closed a $10 billion financing round at a $62 billion valuation at the end of last year. According to the company’s statement, the additional capital will be used to accelerate its AI strategy and support global expansion.

A valuation above $100 billion would place Databricks in an exclusive “club” of private tech companies with nine-figure valuations. Globally, only a handful of startups—such as aerospace and space technology company SpaceX, AI leader OpenAI, and mobile internet giant ByteDance—are widely recognized to have valuations exceeding $100 billion, with all reportedly surpassing $300 billion.