Databricks closed a $5 billion strategic round at a $190 billion post-money valuation in August 2026 after reporting a $7 billion annualized revenue run rate with greater than 80% year-over-year growth, driven by AI agent tools, Lakebase database adoption, and its core Lakehouse platform. Secondary market marks have since implied values around $200–215 billion into October, supported by strong enterprise demand and cash-flow positivity. The rapid re-rating from $62 billion in late 2024 reflects AI infrastructure spending and comparable multiples near 27 times revenue, though analysts note the premium versus public peers like Snowflake. Key catalysts ahead include sustained growth metrics and any signals on 2027 IPO timing, as 2026 remains off the table per management.