Databricks’ latest $5 billion strategic round closed in mid-August 2026 at a $190 billion post-money valuation, backed by a $7 billion annualized revenue run-rate growing more than 80% year-over-year and positive adjusted free cash flow. AI-specific products, including Lakebase and the Lakehouse platform, have driven acceleration, with Lakehouse alone exceeding a $1.5 billion run-rate and strong enterprise adoption reflected in over 1,000 accounts above $1 million annual spend. Secondary market pricing has since implied values near $216 billion, though CEO Ali Ghodsi has ruled out an IPO this year amid a crowded calendar. With roughly three months remaining until year-end, sustained execution on AI agent demand, margin trends, and any incremental funding or tender activity represent the key variables that could push the next primary or secondary valuation higher.