Databricks IPO framing

Databricks is being framed for a public offering on revenue, not mystique: the company said in February its annualized revenue topped $5.4 billion at a $134 billion valuation. (databricks.com) The company said on February 9, 2026, that revenue run-rate grew more than 65% year over year in its January quarter and that it had raised $5 billion in funding plus $2 billion in new debt capacity. Chief executive Ali Ghodsi told CNBC Databricks would go public “when the time is right.” (databricks.com) (cnbc.com) That $134 billion price tag is not the company’s first jump. Databricks announced a $62 billion valuation in a December 17, 2024 financing, then said on September 8, 2025 that it had crossed a $4 billion revenue run-rate and closed a $1 billion Series K round at more than $100 billion. (databricks.com 1) (databricks.com 2) Databricks sells software that helps companies store, process and analyze large volumes of data in one place, then use that data to build artificial intelligence systems. Investors have been rewarding companies that can show both fast growth and visible enterprise spending on artificial intelligence, not just consumer buzz. (cnbc.com) (databricks.com) The company has paired those growth claims with profitability signals that public-market investors usually watch closely. Databricks said in September 2025 that it had achieved positive free cash flow over the prior 12 months, and it repeated in February 2026 that it was delivering free cash flow over the past year. (databricks.com) (cnbc.com) The revenue line has moved quickly in public disclosures. Databricks said in December 2024 that it expected to cross a $3 billion revenue run-rate by the quarter ending January 31, 2025, told investors in June 2025 that annualized revenue would reach $3.7 billion by July, then reported $4 billion in September 2025 and $5.4 billion in February 2026. (databricks.com) (cnbc.com) (databricks.com 1) (databricks.com 2) Databricks has also been emphasizing how much of that business is tied directly to artificial intelligence. In September 2025, it said its artificial intelligence products had crossed a $1 billion revenue run-rate, and in December 2025 it said total run-rate revenue had reached more than $4.8 billion, up more than 55% year over year. (databricks.com 1) (databricks.com 2) Outside reports have presented that trajectory as a march toward an initial public offering, but Databricks has not publicly set an offering date. The company’s own statements have stayed narrower: bigger revenue, positive cash flow, fresh capital and readiness to list when management decides the market is right. (cnbc.com) (databricks.com) For now, the cleanest way to read the Databricks story is through the numbers it has put on the record: valuation up from $62 billion to $134 billion, and annualized revenue up from roughly $3 billion to more than $5.4 billion in about 14 months. (databricks.com) (databricks.com)