AI Firm Databricks Closes in on $188 Billion Valuation This Summer

Databricks is raising a round of strategic funding at a $188 billion valuation and expects the round to close later this summer, the company said in a Thursday (July 16) press release.

The data and artificial intelligence company signed a term sheet for the round, which is led by existing investor Coatue and will include new and existing investors, according to the release.

Databricks will invest the new capital in its multi-AI governance solution, Unity AI Gateway; its AI coworker, Genie; and its serverless Postgres database for AI agents, Lakebase, the release said.

The company will also use the capital to support future AI acquisitions and deepen AI research, per the release.

This funding round comes at a time when companies are seeking the flexibility to choose the right AI for each job, rather than using the smartest, most expensive model for every task, Databricks Co-Founder and CEO Ali Ghodsi said in the release.

“This new capital lets us keep pushing our multi-AI strategy forward to meet massive customer demand, so we can keep strengthening Unity AI Gateway, expanding Genie, and advancing Lakebase,” Ghodsi said.

Databricks was valued at $134 billion in a February funding round in which it raised $7 billion. That round doubled the company’s valuation from the $62 billion it achieved 13 months earlier, in January 2025.

When announcing the February round, Database said it would use that capital to bolster Lakebase and Genie.

Ghodsi said at the time in a press release: “We’re seeing overwhelming investor interest in our next chapter as we go after two new markets. With this new capital, we’ll double down on Lakebase so developers can create operational databases built for AI agents. At the same time, we’re investing in Genie to let every employee chat with their data, driving accurate and actionable insights.”

In June, Databricks launched an agentic coworker called Genie One that is designed to help business teams automate and orchestrate their work across data from inside or outside Databricks. The company said Genie One is the successor to the first generation of Genie, which only used data stored on Databricks.