Databricks raises $5B at a $190B valuation

Annualized revenue has passed $7B, growing more than 80% year over year. Adjusted free cash flow was positive over the past 12 months. More than 1,000 customers each generate over $1M annually. Lakebase, the database for AI agents, has reached $100M in annualized revenue. The raise was first meant to be about $1B. Interest grew after reports of it surfaced at the company's June conference, so more shares were issued to fit extra investors. New backers include BOND, Clearlake Capital, Point72, Premji Invest and TPG. A $188B valuation was disclosed in July without a round size. The prior mark was $134B in February 2026, in a $5B Series L that included $2B of debt. That makes the new valuation about 42% higher in six months. For AI founders, the signal is where growth capital is going: data and governance layers that let agents use company data. CEO Ali Ghodsi names enterprise context, token costs and agent infrastructure as the real bottlenecks. A well-funded platform with positive cash flow can bundle features that startups sell as standalone products. Founders building on top of it should expect that pressure and a high bar for differentiation.