Databricks financial statements or press releases

Databricks Raises $10B in Series J, Valued at $62B, Plans IPO in 2025

Dec 17, 2024, 05:29 PM

Databricks, a San Francisco-based data analytics and AI platform, has secured $10 billion in a Series J funding round, valuing the company at $62 billion. The round, led by Thrive Capital and co-led by Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management, marks one of the largest venture capital raises in history. The funds will be used to develop new AI products, pursue acquisitions, expand internationally, and provide liquidity for employees. Databricks has experienced significant growth, with over 60% year-over-year revenue increase in recent quarters, and expects to surpass a $3 billion annual revenue run rate and achieve positive free cash flow by the end of the current quarter. The company has completed $8.6 billion of the funding to date. Additionally, Databricks boasts non-GAAP subscription gross margins above 80% and has over 500 customers consuming at over $1 million annual revenue run rate. The company's Databricks SQL product has also seen a revenue run rate of $600 million, up more than 150% year-over-year. Databricks plans to go public in the second half of 2025 at the earliest.