Databricks Raises $10B, Hits $62B Valuation, Taking Aim at Snowflake in AI and Data Race

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Databricks Raises $10B, Hits $62B Valuation, Taking Aim at Snowflake in AI and Data Race

Tuesday Databricks revealed it is raising $10 billion via a Series J investment round, raising the valuation of the data and artificial intelligence company to a whopping $62 billion. Led by Thrive Capital, the round has attracted $8.6 billion in non-dilutive funding thus far from co-investors Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management.

A rival of Snowflake (NYSE:SNOW), Databricks reported non-GAAP subscription gross margins surpassing 80% and a 60% year-over-year revenue gain for the quarter ending October 31. For the quarter ending January 31, the company anticipates surpassing a $3 billion sales run rate and now is free cash flow positive.

Driven by its goal to democratize data and artificial intelligence, “Databricks has become the preferred platform,” said Thrive Capital CEO Joshua Kushner. Underlining Databricks’ developing AI capabilities and infrastructure, the business recently teamed with

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(AMZN) to use its Trainium AI chips while expanding Nvidia (NVDA) chip use through

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Web Services. Among private enterprises worldwide, Databricks is now among the most valuable stocks to own.

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#Databricks #Raises #10B #Hits #62B #Valuation #Aim #Snowflake #Data #Race

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