Databricks closed its most recent $5 billion strategic round at a $190 billion valuation in August 2026, backed by a $7 billion annualized revenue run rate growing more than 80% year over year and strong adoption of AI products exceeding $1.4 billion in run rate. This marks a 42% step-up from the $134 billion mark set in February, driven by enterprise demand for its Lakehouse platform, Lakebase database, Genie agent tools, and Unity AI Gateway amid broader AI spending. Secondary-market marks have since implied values near $192–214 billion, though CEO Ali Ghodsi has ruled out a 2026 IPO. Key near-term catalysts include sustained revenue acceleration, potential additional private funding, and any shifts in comparable multiples for peers like Snowflake as traders assess whether momentum can push the company past higher thresholds by year-end.