try import text to MS word, save as filtered HTML, then have calibre convert html to mobi - that may go faster even though it is 2 step. if you don't like word, use some other program that can save as html / epub e.g. sigil.
a 10M text file. sounds awfully big though!, unless I am misunderstanding your unit of measurement.
a long novel, formatted as a text file, would be less than 1 Mb
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