Databricks has finalized a $5 billion funding round at a $190 billion valuation, the company confirmed Thursday. The new figure is a 42% jump from the $134 billion valuation set just six months ago and nearly triple the $62 billion valuation it held in late 2024. Coatue Management led the round, joined by Blackstone, MGX, T. Rowe Price and first-time investor Sixth Street Growth.
The data and AI platform crossed a $7 billion annual revenue run rate in the second quarter, with year-over-year growth above 80%. CEO Ali Ghodsi said demand is “crazy,” driven by enterprise appetite for AI agents. This is Databricks’ second $5 billion round in 2026; in February it raised the same amount alongside $2 billion in new debt capacity. Ghodsi pointed to three major product bets funded by the new capital: Unity AI Gateway, which routes AI workloads across models and sets spending budgets; Lakebase, a serverless Postgres database aimed at AI-agent-built software that has already passed a $100 million revenue run rate; and Genie, a coworker agent that gives AI models access to internal business context such as emails, meeting recordings and operational data.
Databricks’ older Lakehouse data warehousing tool has surpassed a $1.5 billion revenue run rate, and the company moved into cybersecurity in March with Lakewatch. It now serves more than 20,000 organizations, including 70% of the Fortune 500, and has exceeded Snowflake in overall market value. The company remains private and continues to delay an IPO while private funding stays plentiful, even as peers Anthropic and OpenAI have confidentially filed to go public.
Ghodsi also argued that artificial general intelligence, under an older definition, is already here, but said what most people now call AGI is closer to superintelligence. He said enterprises are shifting from “tokenmaxxing to valuemaxxing,” and that more than one quadrillion tokens have been processed through the company’s AI gateway. Clear Street analyst Owen Lau said the valuation could be justified if ARR keeps growing above 50% and gross margin stabilizes above 70%, but warned that enterprise AI ROI remains an open debate.
