How much has Databricks raised?

Across twelve disclosed equity rounds from 2013 to 2025, Databricks has raised approximately $19 billion. The bulk of that came in the last two years: the $10B Series J (Dec 2024), ~$1B Series K (Sep 2025), and >$4B Series L (Dec 2025) together account for roughly $15B.

The Series L also added about $2 billion of debt capacity alongside the equity, bringing total fresh capital in that final round to over $7 billion — the largest private software financing on record at the time. Importantly, Databricks has been free-cash-flow positive on a trailing-twelve-month basis, so these raises are war chests for M&A and AI investment rather than survival capital.

Andreessen Horowitz has been the anchor since the 2013 Series A and has led or co-led multiple rounds; NEA backed the early Series B and C. As the company scaled, crossover and public-market investors piled in: Franklin Templeton led the Series G, Morgan Stanley's Counterpoint led the Series H, and Capital One Ventures and Nvidia co-led the Series I.

Thrive Capital became a defining backer with the $10B Series J and co-led the Series K. The Series L was led by Insight Partners, Fidelity Management & Research, and J.P. Morgan Asset Management, with a sweeping syndicate that included BlackRock, Blackstone, Coatue, GIC, MGX, NEA, Ontario Teachers' Pension Plan, Robinhood Ventures, T. Rowe Price, Temasek, and Thrive. The presence of sovereign funds and large asset managers signals investors positioning for an eventual IPO.

Databricks's valuation went from $2.75B (2019) to $28B (2021) to $43B (2023) to $62B (2024) to $134B (2025) — roughly a 50x jump in six years, with no down-round along the way. The acceleration tracks the company's revenue, which crossed a $6.9B run-rate growing 80%+ year-over-year by mid-2026, and the AI re-rating that lifted the whole data-infrastructure category.

The key driver in the latest rounds is AI: Databricks's AI products (Mosaic AI, Genie, agent tooling) reached a $1.7 billion run-rate, and acquisitions like MosaicML and Neon positioned it as core AI infrastructure rather than just analytics. Net revenue retention above 140% told investors that existing customers keep spending more, which underwrites the premium multiple — even as agent-driven compute has pulled gross margins down to about 74%.

Databricks has reported positive free cash flow over the trailing twelve months heading into 2026 — rare for a company growing this fast — even as it invests heavily in AI and M&A. That financial profile is part of why it commands a $134B valuation while still private, and it is frequently cited as the only profitable name in the current AI IPO wave.

CEO Ali Ghodsi has repeatedly said Databricks is IPO-bound, while cautioning that 2026 is 'a terrible year to go public' given an oversaturated market. Analysts broadly expect an S-1 filing around Q3 2026 with a public listing in late 2026 or 2027. The large Series L, the added debt capacity, and the influx of public-market and sovereign investors are all consistent with a company building toward a public offering rather than seeking an acquisition.

A $134B valuation, a $6.9B revenue run-rate, and a 12,000–15,000-person workforce mean Databricks has real budget and is hiring across engineering, GTM, and operations — net new headcount creates net new tooling needs. The Series L explicitly funds Lakebase and Genie, so teams around the data platform, AI infrastructure, and developer tooling are expansion areas worth targeting.

At the same time, a late-stage, IPO-track, FCF-positive company is procurement-mature: expect security review, vendor consolidation pressure, and finance scrutiny on spend. The buying motion favors vendors who can show clear ROI, plug into an AWS/Azure/GCP-and-Databricks stack, and survive a formal evaluation rather than a quick credit-card purchase.