Recent private funding at a $190 billion valuation, paired with Databricks' $7 billion annualized revenue run-rate and 80 percent-plus year-over-year growth, establishes a clear benchmark that supports mid-range IPO market-cap outcomes. Trader consensus remains closely contested across $150 billion–$450 billion buckets because of uncertainty over the multiple the company can command relative to Snowflake and other AI infrastructure peers once public. CEO statements ruling out a 2026 listing, the absence of an S-1 filing, and a crowded 2027 IPO calendar introduce timing risk, while secondary-market pricing near the latest round and broader equity-market conditions for high-growth software names act as key swing factors.