The fast-growing data and AI tech company’s annual revenue run rate surpassed $7 billion in Q2, representing 80 percent year-over-year growth.
Data and AI platform developer Databricks has raised $5 billion in a new strategic funding round that boosts the company’s valuation to $190 billion, the company said Thursday.
The fast-growing company also disclosed that during its recently completed second fiscal quarter (ended July 31) it recorded a $7 billion annual revenue run rate, representing 80 percent year-over-year growth, and delivered a positive adjusted free cash flow over the last 12 months.
Databricks, which many anticipate will go public in the near future, said its Lakehouse data warehouse product is generating revenue at a $1.5 billion run rate at a 100 percent year-over-year growth rate. And its Lakebase database product, just introduced in 2025, has already exceeded a $100 million revenue run rate.
[Related: Meeting The Demands Of AI: The 2026 CRN Big Data 100]
“Enterprises don’t just want AI that talks. They want agents working across their business that remember context, deliver accurate answers, and execute work without blowing through their budgets,” said Databricks CEO and co-founder Ali Ghodsi in a statement announcing the new funding and financial performance statistics.
“That requires real-time operational data with Lakebase, context from across the business with Genie, and multi-AI cost controls with Unity AI Gateway,” Ghodsi said. “The tremendous investor demand for this round shows that our AI strategy is winning the market and building what every business needs to maximize their impact with agents.”
(Genie is Databricks’ conversational “AI coworker” agent technology and the Unity AI Gateway is the company’s runtime governance layer and control plane for managing enterprise AI systems.)
The latest numbers illustrate Databricks’ rapid growth: In February the company put its annual revenue rate at $5.4 billion after recording 65 percent year-over-year growth in its fiscal 2026 fourth quarter (ended Jan. 31). At that time the company’s valuation stood at $134 billion.
Databricks, headquartered in San Francisco, also said Thursday that it now has more than 1,000 customers spending more than $1 million a year on the company’s products and services and more than 100 customers doing so at more than $10 million a year. Altogether the company said it has more than 20,000 customers globally, including 70 percent of the Fortune 500.
Databricks said it will use the capital from its latest funding round to accelerate its technology development efforts.
In February Databricks announced the general availability of Zerobus Ingest, a fully managed data streaming service, and in March the company debuted Lakewatch, an agentic SIEM cybersecurity product built on the company’s core Data Intelligence Platform.
The new funding round was led by existing investors Coatue, Blackstone, MGX, accounts advised by T. Rowe Price Associates, and T. Rowe Price Investment Management, along with new investor Sixth Street Growth.
The funding round included additional new investors BOND, Clearlake Capital, Point72, Premji Invest and TPG, along with some 15 existing investors such as Andreessen Horowitz, Morgan Stanley Investment Management, and Franklin Templeton.
