Databricks Inc., the closely held software maker widely viewed as a candidate to go public, is in discussions with T. Rowe Price about a new funding round that would value the company at $43 billion, two people familiar with the matter said.

The talks are preliminary and could fall apart, said the people, who asked not to be identified because the discussions are private. If the round is successful, Databricks’ valuation would be considerably higher than the $38 billion it reached two years ago in funding led by Counterpoint Global.

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Databricks Is in Talks to Raise Funds at a $43 Billion Valuation