July 16 (Reuters) - Databricks said on Thursday it has

signed a term sheet for a strategic funding round that

values the data analytics software firm at $188 billion.

Here are a few details:

* The round, which Databricks expects to close later this

summer, is being led by existing investor Coatue and will

include both new and existing investors.

* Databricks, one of the world's most valuable privately

held companies, earlier this year completed a fundraising of

about $5 billion at a $134 billion valuation.

* Databricks offers a platform designed to help users

ingest, analyze and build AI applications using complex data

from various sources. It competes with Snowflake, and

analysts widely see it as a public-listing candidate along with

marquee names such as OpenAI and Anthropic.

* Earlier on Thursday, the Wall Street Journal reported that

investment firm Coatue Management was leading a $3 billion

investment in Databricks at a $188 billion valuation, citing

people familiar with the matter.

* Coatue could not immediately be reached for comment

outside business hours.

* This is the latest sign of investors placing large bets on

companies poised to benefit from the wider adoption of

artificial intelligence. Technology giants are on track to

invest billions of dollars, while the two largest AI firms,

OpenAI and Anthropic, have filed their IPO paperwork.