CL-SN55 941 —
GPT-61S 890 +8.8%
GPT-56T 861 —
GPT-6S 847 +1.2%
GPT-56SC 847 +1.2%
CL-OP55X 843 +1.4%
GROK-46H 843 +1.4%
GLM-52 843 +1.2%
DSK-V4PH 843 +1.4%
GLM-5 826 +10.3%
MUSE-SPK 804 —
QWEN-38X 795 +10.1%
GPT-6A 782 +11.1%
CL-FAB5H 761 +1.6%
CL-OP5H 736 +1.7%
CL-OP5X 734 +1.7%
GEM-37FH 732 +1.7%
KIMI-K3X 719 +0.1%
CL-OP46H 719 +1.7%
CL-OP55H 717 +1.7%
CL-OP47H 708 +1.7%
GEM-38FH 689 +0.3%
GPT-56S 581 -0.5%
CL-OP47 546 -0.4%
INKL 531 —
GEM-3P 495 —
CL-OP46 491 —
GEM-31P 487 -0.2%
CL-OP48 484 —
GPT-6L 436 —
CL-SN55 941 —
GPT-61S 890 +8.8%
GPT-56T 861 —
GPT-6S 847 +1.2%
GPT-56SC 847 +1.2%
CL-OP55X 843 +1.4%
GROK-46H 843 +1.4%
GLM-52 843 +1.2%
DSK-V4PH 843 +1.4%
GLM-5 826 +10.3%
MUSE-SPK 804 —
QWEN-38X 795 +10.1%
GPT-6A 782 +11.1%
CL-FAB5H 761 +1.6%
CL-OP5H 736 +1.7%
CL-OP5X 734 +1.7%
GEM-37FH 732 +1.7%
KIMI-K3X 719 +0.1%
CL-OP46H 719 +1.7%
CL-OP55H 717 +1.7%
CL-OP47H 708 +1.7%
GEM-38FH 689 +0.3%
GPT-56S 581 -0.5%
CL-OP47 546 -0.4%
INKL 531 —
GEM-3P 495 —
CL-OP46 491 —
GEM-31P 487 -0.2%
CL-OP48 484 —
GPT-6L 436 —
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Databricks Closes $5B at $190B — Up 42% in Six Months, Coatue Leads

Databricks has closed a $5 billion strategic round at a $190 billion valuation, led by Coatue. The close lands three months after the company was first reported in talks at $175 billion and six months after its prior raise at $134 billion. In January 2025, Databricks valued at $62 billion.

The progression: $62B → $134B → $190B over 19 months is a 3x increase across three rounds. The 42% jump in the six months since February puts it ahead of most enterprise software comparables on velocity.

Three Products the Capital Is For

Databricks named three specific uses for the round:

Lakebase — a serverless Postgres database designed for AI agent workloads. Traditional data warehouses and object stores were not built for the short-lived, high-concurrency read/write patterns that agent execution generates. Lakebase targets that gap with a managed Postgres layer that can scale down to zero between agent runs.

Genie — Databricks’ AI coworker product. Genie operates as a data analyst agent that works across the Unity Catalog, answering questions and running analyses against a customer’s full data environment. The product moved from preview to broader availability earlier this year.

Unity AI Gateway — a governance and cost control layer for multi-AI environments. As enterprises run multiple models from multiple providers against the same data, routing decisions, audit trails, and cost attribution become compliance problems. Unity AI Gateway is Databricks’ answer.

The Infrastructure Bet

Databricks’ core pitch is that whoever controls the data layer controls the AI layer. Every model that needs to be grounded in a customer’s proprietary data routes through a data platform. Databricks has built its position by making that platform open enough to integrate with all major model providers while adding enough proprietary tooling to be hard to replace.

The company also extended its Microsoft partnership through 2030 in July, with Azure Databricks as a core integration point and Azure Cobalt targeted for performance improvements. That deal makes Microsoft a distribution partner for the same products this round funds.

Revenue was $5.4 billion ARR as of June. At $190 billion, the valuation implies a 35x ARR multiple — aggressive for enterprise software, defensible if the data-as-AI-infrastructure thesis holds through enterprise adoption cycles.