Data analytics company Databricks announced that it raised US$5 billion (A$7.09 billion) in funding and $2 billion in new debt capacity at a $134 billion valuation.
The private company also revealed that its revenue run-rate rose 65%, exceeding $5.4 billion for the January quarter and delivering free cash flow over the past year.
Databricks also said AI products now generate $1.4 billion in revenue run-rate. In June, it also forecast 50% growth.
“With this new capital, we’ll double down on Lakebase so developers can create operational databases built for AI agents,” co-founder and CEO Ali Ghodsi said.
“At the same time, we’re investing in Genie to let every employee chat with their data, driving accurate and actionable insights.”
Ghodsi also told CNBC that it would consider going public “when the time is right”.
This comes as Databricks surpasses its rival Snowflake, which reported $1.21 billion in revenue for the October quarter. Snowflake’s market cap is $60.21 billion.
Snowflake (NYSE: SNOW) stocks have also risen 4.46% to $175.95.
Other fast-growing AI labs like Anthropic and OpenAI are also considering 2026 initial public offerings, according to people familiar with the matter.
Elon Musk also said that his rocket company, SpaceX, could go public this year.
