(Bloomberg) — Databricks Inc. has secured $5 billion in funding at a valuation of $190 billion, the second round of financing this year for a fast-growing software firm that competes with Snowflake Inc. and Alphabet Inc.
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The round was led by Coatue Management, along with Blackstone, MGX, T. Rowe Price Investment Management and accounts advised by T. Rowe Price Associates, Databricks said in a statement on Thursday.
The San Francisco-based startup also said that it has crossed $7 billion in revenue run-rate, representing growth of more than 80% in the second quarter from the year-earlier period.
Databricks, long regarded as a candidate for an initial public offering, offers software to help make sense of large quantities of data and run AI-powered services with it. Its products compete with the likes of BigQuery from Google and Microsoft Corp.’s Fabric.
Databricks said last month it was raising funds at a $188 billion valuation led by Coatue and that it expected to close later in the summer. The final figure of $190 billion represents a 42% jump from the $134 billion it was valued at in February.
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