Databricks raises more than $4B at $134B valuation as it expands push into “data intelligent applications”

Databricks is raising more than $4 billion in a Series L round that values the San Francisco-based data and AI company at $134 billion, as it accelerates investment in products it says are aimed at building enterprise “data intelligent applications.”

The company said the funding comes as it crossed a $4.8 billion revenue run rate in its third quarter, growing more than 55% year over year, while delivering positive free cash flow over the last 12 months.

That momentum is tied to two business lines Databricks said now each exceeds a $1 billion revenue run rate: its AI products and its data warehousing business.

Databricks said the Series L capital will be used to help customers build AI apps and agents on proprietary data, using Lakebase “as the system of record,” Databricks Apps “as the user experience layer,” and Agent Bricks to power “multi-agent systems.”

The company said Lakebase is a serverless Postgres database “purpose-built for the age of AI,” and it said Databricks Apps is designed to build and deploy data and AI applications with “speed and security.”

Databricks said Agent Bricks is intended to make it easier for organizations to build and scale “high-quality agents” on their data, and it describes the product as grounded in enterprise data through evaluation and optimization workflows.

Databricks said early indicators for that product stack include Lakebase reaching thousands of customers in its first six months and growing revenue at twice the pace of its data warehousing product.

The company also said its net retention rate is sustaining above 140% and that it has more than 700 customers consuming at over $1 million in annual revenue run rate.

Databricks said the round was led by Insight Partners, Fidelity Management & Research Company, and J.P. Morgan Asset Management, with additional participation from firms including Andreessen Horowitz, BlackRock-managed funds and accounts, and Blackstone-managed funds, among others.

The company said the capital is expected to support employee liquidity and to fund future AI acquisitions and deeper AI research, while CEO Ali Ghodsi said the company is focused on helping organizations “innovate with AI on their own data.”

Reuters reported the valuation is a jump from $100 billion in August and that Ghodsi said, “It’s a race, and everybody’s investing,” while adding Databricks is not ruling out an IPO in 2026.