Databricks on Thursday announced a new funding round that values the company at $188 billion. The round was led by Coatue, with the company disclosing it has not yet received the funds and expects to close later this summer. Reports indicate the raise is roughly $3 billion.
The round comes just five months after Databricks closed a $5 billion Series L at a $134 billion valuation, and continues a remarkable fundraising streak. Since December 2024, the company has raised approximately $19 billion across multiple rounds as it successfully rebranded from a big data SaaS provider into an AI infrastructure powerhouse.
Databricks now sits on troves of enterprise data and has rolled out AI products including Lakebase, a database built for AI agents, and Unity, an AI gateway. The company has also become known as an early adopter of affordable Chinese open-weight models like Z.ai’s GLM 5.2 for coding, publishing benchmarks showing significant cost savings versus proprietary models from Anthropic and OpenAI.
