Morgan Stanley to Lead Databricks Funding at $38 Billion Value

Databricks Inc. agreed to a new investment deal that will value the business at $38 billion, said three people familiar with the terms. The funding shows investors’ enthusiasm for services that help businesses transition their data to the cloud.

Morgan Stanley will led the investment round, which will inject at least $1.5 billion into the company, said the people, who asked not to be identified because the transaction isn’t finalized. The round could grow even larger, two of the people said.

Databricks declined to comment, and Morgan Stanley didn’t immediately respond to a request for comment. Some of the details of the ...