Databricks has closed a $5bn round at a $190bn valuation, led by Coatue, with revenue run-rate past $7bn and growth above 80% year on year. That is a 42% valuation increase in six months, and it comes after chief executive Ali Ghodsi called 2026 a bad year to go public.

Databricks has closed $5bn at a $190bn valuation. Coatue led, joined by Blackstone, MGX, T. Rowe Price and new investor Sixth Street Growth. It is the company’s second round this year.

The growth is the part worth pausing on. Revenue run-rate has passed $7bn, up more than 80% year on year in the second quarter, against 65% growth at a $5.4bn run-rate back in February. Companies of this size do not usually accelerate.

The valuation has moved with it, up 42% from $134bn in February. TNW reported the round at $188bn last month, and it has closed $2bn above that.

Databricks also disclosed figures that rarely accompany a private raise. It says it has been adjusted free cash flow positive over the last twelve months, its data warehousing business is past a $1.5bn run-rate and growing over 100%, and its Lakebase database has passed $100mn.

The customer concentration is heavy at the top. More than 1,000 accounts now spend at a $1mn run-rate, and more than 100 at $10mn.

Set against the public market, the price is less extravagant than it sounds. At $190bn on a $7bn run-rate, Databricks is valued at roughly 27 times revenue, while Snowflake trades near 23 times on $5.03bn of trailing revenue.

The growth rates are nothing like each other. Snowflake grew around 30% last year, Databricks says more than 80%, so a four-point multiple premium is a modest reward for nearly three times the pace.

Read those numbers with care, because they are not the same measure. Run-rate annualises current revenue and flatters anything growing quickly, while Snowflake’s multiple rests on twelve trailing months.

Why this is private money rather than a listing is already on the record. Ghodsi has called 2026 a terrible year to go public, with SpaceX, OpenAI and Anthropic lined up to absorb roughly $200bn of listing capital.

So the company raises at public scale and stays private. The money goes to three products aimed at enterprise AI agents, and Ghodsi’s pitch is that buyers want agents that hold context, stay accurate and respect a budget, rather than another chatbot.

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