Databricks raised at a $134B post-money valuation in February 2026, led by Goldman Sachs and Morgan Stanley. That's more than double the $62B Series J from December 2024 — an extraordinary re-rating driven by ARR growth from $3B to approximately $5.4B in just over a year.
The revenue picture
Databricks ARR is estimated at $5.4B as of early 2026, growing roughly 65% year over year. That growth rate at this scale is exceptional. Snowflake (the closest public comparable) trades at ~14× EV/Revenue. Databricks at $134B implies roughly 25× forward revenue — a premium that reflects the AI data platform opportunity and Databricks' position as the infrastructure layer beneath most enterprise AI workloads.
Implied share price and strike math
At $134B with an estimated 900M+ fully-diluted shares, implied fair value per share has more than doubled since the Series J. For employees who joined in the 2021–2022 cohorts with strike prices in the $35–$55 range, that's a significantly expanded spread. A 10,000-option grant from that era now carries $700K–$900K+ of pre-tax paper gain at the Series L price.
IPO timing
The Series L signals that a public listing is increasingly likely in 2026–2027. Goldman Sachs and Morgan Stanley as lead investors — both of whom have strong IPO underwriting businesses — suggests the round was structured with a near-term exit in mind.
CEO Ali Ghodsi has not publicly committed to a timeline, but the combination of scale, profitability trajectory, and institutional investor pressure makes a 2026–2027 IPO the base case.