Databricks Raised $7 Billion While SaaS Stocks Lost $285 Billion

CEO Ali Ghodsi called the raise ‘discretionary rather than urgent’ and said there is no time pressure for an IPO. Goldman Sachs, Morgan Stanley, Glade Brook Capital, Neuberger Berman and the Qatar Investment Authority led the equity. JPMorgan led the debt.

The $134 billion valuation only makes sense next to Snowflake

A $134 billion valuation on $5.4 billion in revenue is 25x. The closest public comparison is Snowflake, which generates roughly $4.8 billion annualised and trades at $58 billion, or about 12x. Similar revenue, less than half the price.

The gap comes down to growth rate and what investors think the future of enterprise data looks like. Databricks’ lakehouse architecture unifies warehousing, data lakes and AI workloads on one platform. Snowflake does warehousing well but does not cover the same surface area. Private market investors are betting that breadth wins. If they are wrong, early backers of this round face a painful markdown whenever Databricks eventually lists.

$11 billion raised in two months, all at a flat valuation

This is Databricks’ second raise in two months. It took $4 billion in December 2025 at the same $134 billion valuation. Flat pricing across $11 billion in capital is unusual. It reads like a company stockpiling cash for something specific rather than chasing a higher number for the sake of it.

Ghodsi named one target: ‘We will double down on Lakebase so developers can create operational databases built for AI agents.’ Lakebase lets AI agents read and write enterprise data in real time, not just query historical datasets. If agents end up replacing the SaaS dashboards that humans currently use to interact with company data (which is exactly the thesis driving the SaaSpocalypse sell-off), the database layer underneath becomes the most valuable piece of the stack. Databricks now has $11 billion to make sure it owns that layer.