Databricks is now worth $188 billion — and it still hasn't gone public
Databricks signed a Coatue-led funding deal valuing the data and AI company at $188 billion, up from $134 billion in February's Series L.
Databricks has signed a term sheet for a new funding round valuing the company at $188 billion — a $54 billion jump from February, when it closed a $5 billion Series L at $134 billion. Five months, roughly 40% added, and the data-and-AI company still is not listed on any exchange.
Who is writing the cheques?
The round is led by Coatue, already an investor, with new and existing backers joining, and is expected to close later this summer — the announcement is on Databricks’ official newsroom. The exact amount was not disclosed, though financial press reports point to around $3 billion.
Where the money goes says plenty about the industry’s direction: more GPU capacity to keep up with enterprise demand, plus three products — Unity AI Gateway, for governing (and cost-controlling) multiple AIs, Genie, the AI coworker that answers from a company’s own data, and Lakebase, a database built for AI agents.
Why does this matter?
Because it shows the AI race is increasingly won in the plumbing — storing, organising and serving companies’ data — rather than only in headline-grabbing models. It is the same appetite that is driving Meta to double its computing power and that made DeepSeek-style efficiency the industry’s new obsession.
The old question remains: how long can a valuation like this live outside the scrutiny of public markets? For now, investors keep answering with their wallets.
By Oliver Grant
Image: Raysonho @ Open Grid Scheduler / Scalable Grid Engine / Wikimedia Commons (CC0)
