Databricks reached a $190 billion post-money valuation in its August 2026 $5 billion strategic round led by Coatue, following a February round at $134 billion, driven by 80%+ year-over-year revenue growth to a $7 billion annualized run rate and positive adjusted free cash flow. Secondary-market marks have edged higher to roughly $201–217 billion by early October, reflecting continued investor appetite for AI infrastructure platforms amid competition with Snowflake. Strong enterprise adoption, including AI-specific products exceeding $1.4 billion in run rate, underpins the trajectory, though some analyses question the 27x revenue multiple relative to operating fundamentals. With three months remaining until year-end, further secondary trading activity or any additional financing could influence marks, while broader risk appetite and AI spending trends remain key variables for private valuation sentiment.