Databricks, one of the most valuable private companies, announced $10 billion in financing on Tuesday, valuing the software maker at $62 billion.

Databricks could use the money to provide liquidity to current and former employees, make acquisitions and expand abroad, it said in a statement. The company’s new valuation is $43 billion in 2023. Rival Snowflake was worth about $57 billion as of Monday’s close.

Databricks sells software for analyzing and cleaning data and also operates artificial intelligence models for customers. The software is available on the Amazon, Google And Microsoft Clouds that are also competitors.

The company expects to generate positive free cash flow for the first time on revenue of $3 billion in the quarter ending Jan. 31, according to Databricks. The company’s revenue rose more than 60% year-over-year in the October quarter.

Investors in the financing, which has raised $8.6 billion to date, include Thrive Capital, Andreessen Horowitz, DST Global, GIC, Iconiq Growth, Insight Partners, MGX, Sands Capital, WCM Investment Management and Wellington Management.

Technology investors have been expecting Databricks to go public for years. They may just have to wait a few more months.

ServiceTitana company that provides software for plumbers and other tradespeople, raised about $625 million in an initial public offering last week, and some investors have predicted that technology IPOs will become more common again in 2025 after a relative drought since late 2021 become.

Databricks did not provide any new information on Tuesday about its expectations for an IPO.

“If we were to go, the earliest point would be, say, the middle of next year or something like that,” said Ali Ghodsi, co-founder and CEO of Databricks, at the Cerebral Valley AI Summit in November.

Late-stage investors with deep pockets don’t have many options on what to back, Ghodsi said.

“There’s really no place to put it, except maybe Databricks, Stripe or, you know, maybe OpenAI,” Ghodsi said.

Databricks appeared on CNBC’s Disruptor 50 list of private companies for the fourth time in 2024.