Databricks, an artificial intelligence (AI) and data analytics firm, has reached a $62 billion valuation after completing a $10 billion funding round, one of the largest in venture capital history, according to a recent report by Reuters.

The round was led by Thrive Capital, the investment firm founded by Joshua Kushner. Major investors included Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Other participants included existing backer Ontario Teachers' Pension Plan and new entrants ICONIQ Growth, MGX, Sands Capital, and Wellington Management.

According to the Reuters report, the funding marks a pivotal moment for the 11-year-old company, which expects to achieve positive free cash flow for the first time in the quarter ending January 31, 2024. Databricks also anticipates reaching a $3 billion revenue run rate by January and generating $3.8 billion in revenue in the following fiscal year.