Databricks raises Series L funding at a valuation of $134 billion.

– 55% year-over-year growth and annualized sales exceeding $4.8 billion

Accelerating investments in Agent Bricks, Lakebase, and Databricks Apps to support 'data-intelligent applications.'

Databricks , an industry-leading data and AI company, announced that it is in the process of raising $4 billion in Series L funding, valuing the company at $134 billion. Furthermore, Databricks announced that its annualized revenue (run-rate) for the third quarter of fiscal year 2025 exceeded $4.8 billion, representing over 55% year-over-year growth. Its data warehousing business and AI products each surpassed $1 billion in annualized revenue, and free cash flow was also positive over the past 12 months.

The concurrent rise of Vibe coding and generative AI is accelerating the development of "Data Intelligent Applications" in enterprise environments. Through this investment, Databricks plans to empower customers to build AI applications and agents based on their own data. To achieve this, it will actively leverage Lakebase as a system of record, Databricks Apps as a user experience layer, and Agent Bricks, which powers multi-agent systems.

This round was led by Insight Partners, Fidelity Management & Research Company, and JP Morgan Asset Management, with participation from Andreessen Horowitz, funds and accounts managed by BlackRock, funds managed by Blackstone, Coatue, GIC, MGX, NEA, Ontario Teachers' Pension Plan, Robinhood Ventures, T. Rowe Price advisory accounts, Temasek, Thrive Capital, and Winslow Capital. This investment builds on Databricks' outstanding financial performance and further validates its vision to make data and AI more accessible to every organization.

Databricks' financial performance

This investment reflects the continued and strong growth across Databricks' business, with key achievements including:

• Annualized sales exceeded $4.8 billion, representing a 55% increase year-over-year.
• Maintaining a positive free cash flow for the past 12 months
• AI product division annual sales exceed $1 billion
• Lakebase secured thousands of customers in its first six months, growing revenue twice as fast as its own data warehousing product.
• Data warehousing product achieves $1 billion in annual revenue within four years of official launch.
• Maintain a net retention rate of 140% or higher
• Secured over 700 customers with annual sales exceeding $1 million

The rise of data-intelligent applications

Databricks' Series L investment will accelerate product development around three core strategic products, empowering customers to build data-intelligent applications.

• Lakebase : The first serverless Postgres database designed for the AI era.
• Databricks Apps : World-class speed and security for building and deploying data and AI applications.
• Agent Bricks : Empowering organizations to easily build and scale high-quality agents powered by their own data.

Databricks plans to use this new funding to secure growth momentum, provide liquidity to employees, and strengthen future AI acquisitions and research and development.

 “Enterprises are rapidly redefining how they build intelligent applications, and the combination of generative AI and new coding paradigms is enabling entirely new workloads,” said Ali Ghodsi, Databricks Co-Founder and CEO. “This investment further solidifies our commitment to empowering every organization to unlock AI innovation on top of their data. By reliably managing transactional data with Lakebase, delivering intuitive user experiences with Databricks apps, and enabling advanced multi-agent systems with Agentbricks, we will provide a unified foundation for customers to build reliable, high-performance data-intelligent applications at scale.”

“Our continued investment in Databricks reflects our unwavering confidence in its exceptional growth momentum and ambitious vision for the future,” said John Wolff, Managing Director at Insight Partners. “Databricks is an industry leader in translating AI innovation into real enterprise outcomes. We are excited to expand our investment in Databricks, which is driving both strong financial performance and tangible customer outcomes. We believe Databricks’ journey is just beginning.”