The data + AI platform racing to a late-2026 IPO.
Databricks closed $4B at $134B in December and is now reportedly raising at $165–175B. $5.4B ARR, 65% growth, and free-cash-flow positive — bankers increasingly expect an IPO by late 2026. Bidness tracks the S-1 countdown.
The price of staying private
Live read on the company
What we're watching
S-1 Watch
No S-1 yet, but bankers and insiders increasingly expect one by late 2026.
New Round
Reportedly raising at $165–175B (The Information, June 9) — a pre-IPO mark-setter.
Balance-Sheet Prep
$1.8B debt raised in January; total borrowing tops $7B. Classic pre-IPO prep.
Profitability
FCF-positive on $5.4B ARR (+65%) — the profitable-growth story public markets want.
Closed $4B at $134B in Dec, now reportedly raising at $165–175B. $5.4B ARR up 65%, FCF-positive — the rare AI-era name with discipline. Bankers expect a late-2026 S-1. The cleanest pure-IPO setup of the group after the two labs.
How to play it in the public market
Snowflake is the head-to-head data-cloud rival and the IPO comp.
Enterprise-AI peer; trades on the same data-platform multiple debate.
Azure hosts Databricks and competes with Fabric. Partner and rival.
Cloud-data competitor chasing the same enterprise AI budgets.
The road to first trade
- 2026-06
Raising at $165–175B
The Information reports a new round; an S-1 is the expected next step.
- 2026-01
$1.8B debt raised
Total borrowing tops $7B — classic pre-IPO balance-sheet prep.
- 2025-12
$4B at $134B
Series K more than doubles the valuation; FCF-positive on $5.4B ARR.
- 2024-12
Series J at $62B
Large raise as the lakehouse category consolidates.
- 2013
Databricks founded
UC Berkeley team commercializes Apache Spark into a data + AI platform.