Databricks closed a $5 billion strategic round at a $190 billion post-money valuation in August 2026, its latest confirmed mark, following a $134 billion round six months earlier. The company reported a $7 billion annualized revenue run rate with over 80% year-over-year growth, driven by AI agents, Lakebase, and Lakehouse products, alongside positive adjusted cash flow. Secondary market indications have edged higher to roughly $201–215 billion in recent weeks amid sustained institutional demand for AI infrastructure exposure. With only weeks remaining until year-end, any new primary round, large secondary transaction, or IPO filing could influence the next valuation step, though multiples near 27 times revenue invite scrutiny from some analysts relative to public peers like Snowflake.