Databricks has signed a term sheet for its Series K funding round, which is expected to value the company at more than $100 billion.
The round, which is reportedly oversubscribed, marks a roughly 61% increase from the company’s last valuation of $62 billion in late 2024.
Details on the size of the raise have not been disclosed, but the company said it has secured strong support from existing investors.
The proceeds will be directed toward advancing Databricks’ artificial intelligence strategy, expanding global operations, supporting potential acquisitions, and furthering AI research.
The company plans to scale its AI product portfolio, which includes Agent Bricks, a platform for developing AI agents optimized on enterprise data, and Lakebase, a new operational database designed for AI applications. Both offerings were introduced at Databricks’ June Data + AI Summit.
“We’re seeing tremendous investor interest because of the momentum behind our AI products, which power the world’s largest businesses and AI services,” Databricks CEO Ali Ghodsi said in a statement.
“Databricks is benefiting from an unprecedented global demand for AI apps and agents, turning companies’ data into goldmines.”
Databricks’ Data Intelligence Platform is used by more than 15,000 customers worldwide, including enterprises working with partners such as Microsoft, Google Cloud, Anthropic, SAP, and Palantir.