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FollowingDatabricks completes US$5 billion in financing, valued at US$190 billion.
Data and artificial intelligence platform Databricks completed a US$5 billion round of financing on Thursday with a valuation of US$190 billion, consolidating its position as one of the most valuable private technology companies. Ali Ghodsi, CEO of the company, also suggested that by the old definition, general artificial intelligence has arrived.
Valuation and revenue data
Databricks originally disclosed the transaction on July 16, when it was valued at US$188 billion, led by existing investor Coatue. CEO Ali Ghodsi told the media that the final actual transaction price of US$190 billion reflected the larger financing scale and the issuance of additional shares during the financing process. Coatue once again led the final round, with Blackstone Group, MGX and Puxin Group jointly participating, and Sixth Street Growth joining as a first-time investor.
It is estimated that the company's annualized revenue exceeds US$7 billion, with a year-on-year increase of up to 80%. This trend suggests that rapid expansion in revenue has driven valuations to almost triple since the end of 2024.
The history of soaring valuations
Databricks was valued at US$62 billion at the end of 2024, exceeded US$100 billion in August 2025, and reached US$134 billion in December 2025. The latest round of financing means valuations have soared nearly 40% in about five months. The company originated from Apache Spark, an open source framework built by the University of California, Berkeley to process large data sets. Today, the data company claims to serve more than 20,000 organizations, including 70% of Fortune 500 companies.
However, analysts believe the price remains uncertain. "Annualized recurring income is growing at a rate of more than 50%, and gross margin stabilizing above 70% in the next few years, which should justify its valuation," said Owen Lau, an equity analyst at Clear Street. But he also added,"The application level ROI controversy remains unresolved. If companies cannot make profits or increase productivity through these people's AI tools, they may cut back on these data and AI investments."
New capital for new products
CEO Ghodsi used the money for three products he believes the company is focusing on: Unity AI Gateway, Lakebase and Genie. Unity AI Gateway routes AI workloads across different models and allows companies to set spending budgets. Lakebase is a serverless Postgres database for software built by AI agents, with annualized revenue of more than $100 million. Genie products are designed to provide AI with an unstructured internal context, including emails, meeting minutes, and operational data, to take action in the business.
Ghodsi believes that companies are shifting from "pursuing maximum number of tokens" to "pursuing maximum value." He pointed out that in the early stages of AI, companies consumed as many AI tokens as possible, but now they hope to deliver the greatest business results per dollar. He revealed that more than 1000 trillion tokens have been processed through the gateway, allowing Databricks to directly observe how customers switch models when cheaper or more powerful models emerge.
Ghodsi believes AGI has arrived
Ghodsi's statement of AGI relies on a rather narrow definition. He believes that a system that can do the work of human intelligence and is smarter than most people most of the time meets the AGI standards discussed in the industry before 2022. He said that what most people call AGI today is closer to superintelligence."If that's your definition, then of course it hasn't arrived yet." He also explained why most companies currently seem to have little automation internally, and pointed out that models cannot fully reason business without having access to their records, rules and permissions.
Databricks CEO said,"The world has basically not changed, just token spending is increasing." That gap is exactly the market Databricks is targeting, and it has also driven its valuation to rise sharply over the past two years.
