As its AI company grows, Databricks raises $4 billion at a valuation of $134 billion

As the IPO market shows early signs of reopening, some of the world’s most valuable private tech companies are choosing to stay private. Databricks is the latest example, having raised more than $4 billion in a Series L funding round that values the company at $134 billion—up 34% from its $100 billion valuation just three months ago.

The massive fundraise marks Databricks’ third major venture round in less than a year and underscores strong investor confidence in the company’s role at the center of the enterprise AI boom. The data intelligence firm, which was valued at roughly $60 billion a year ago, continues to attract capital at rapidly rising valuations despite remaining private.

Databricks said the new funding will be used to expand its AI-focused product portfolio, including a database for AI agents called Lakebase, an AI agent platform known as Agent Bricks, and applications that enable companies to build and deploy data-driven AI systems. Lakebase is built on the open-source Postgres database and follows Databricks’ $1 billion acquisition of database startup Neon. The product is designed to support corporate developers working on so-called “vibe coding” projects.

Agent Bricks, meanwhile, is aimed at helping enterprises build and deploy AI agents that can securely access and operate on proprietary company data. Databricks has also signed large-scale partnerships worth hundreds of millions of dollars with AI labs including Anthropic and OpenAI, enabling customers to use their models within Databricks’ enterprise offerings.

While Series L rounds are rare in venture capital, Databricks’ ability to continue raising private capital highlights investors’ belief that enterprise AI workloads will increasingly depend on sophisticated data infrastructure. On Tuesday, the company reported annualized run-rate revenue of more than $4.8 billion, representing 55% year-over-year growth. More than $1 billion of that revenue now comes from AI-related products.

“The parallel rise of vibe coding and generative AI is accelerating the development of data-intelligent applications in the enterprise,” Databricks said in a statement. “This new capital will help customers build AI apps and agents on their proprietary data.”

According to The Wall Street Journal, Databricks plans to use the funds to hire thousands of employees across Asia, Europe, and Latin America, while also expanding its AI research teams.

“Enterprises are rapidly reimagining how they build intelligent applications,” said Databricks co-founder and CEO Ali Ghodsi. “The convergence of generative AI with new coding paradigms is opening the door to entirely new workloads.”

The funding round was led by Insight Partners, Fidelity, and J.P. Morgan Asset Management, with participation from Andreessen Horowitz, BlackRock, Blackstone, Coatue, GIC, MGX, NEA, Ontario Teachers’ Pension Plan, Robinhood Ventures, T. Rowe Price Associates, Temasek, Thrive Capital, and Winslow Capital.