Databricks is the data-and-AI software company, valued at about $134 billion in private markets, that is on track to file for one of the largest enterprise-software IPOs in history in the second half of 2026 — on a revenue run-rate of roughly $5.4 billion growing about 65% a year. The Databricks IPO would be a landmark test of how public markets value AI-era data infrastructure, pitting it directly against listed rival Snowflake. But Databricks has not yet filed a public S-1, there is no ticker or price range, and the figures in circulation come from funding rounds rather than an audited prospectus. This is a “what to watch” breakdown of the Databricks IPO, plus the public data and AI stocks you can actually trade today.
Databricks IPO Snapshot
| Field | Detail |
|---|---|
| Company | Databricks, Inc. |
| Proposed Ticker / Exchange | TBD / TBD (not disclosed) |
| IPO Status (Phase) | Private; S-1 reportedly expected H2 2026 (pre-IPO) |
| Expected Price Range | Not disclosed |
| Reported Valuation | ~$134 billion (Series L, ~$4B raise, Dec 2025) |
| Revenue Run-Rate | ~$5.4 billion annualized (+~65% YoY, reported) |
| AI Revenue | $1.4 billion+ run-rate (reported) |
| Large Customers | 650+ customers paying $1M+ annually (reported) |
| Recent Financing | +$1.8 billion debt (JPMorgan-led, Jan 2026) |
| Targeted Listing Window | Reported H2 2026 / 2026 (not confirmed) |
| CEO / Founded | Ali Ghodsi / 2013 (creators of Apache Spark) |
| HQ | San Francisco, California |
Figures are from press reporting and private financings, not an audited public prospectus. Databricks has not filed a public S-1; treat all numbers as reported estimates subject to change.
Table of Contents
- Key Takeaways
- What Is Databricks?
- When Will Databricks IPO? The State of Play
- What We Know About Databricks’ Business & Economics
- Who Are Databricks’ Competitors?
- Databricks IPO: Bull Case vs What to Watch
- How Databricks Is Priced vs Snowflake & Peers
- How to Get Exposure to the Databricks IPO Theme
- Databricks IPO FAQs
Key Takeaways
- What it does: Databricks sells a “lakehouse” data-and-AI platform that lets enterprises store, process and analyze data and build AI models — competing with data warehouses and cloud analytics tools.
- IPO status: The Databricks IPO is anticipated but not yet filed publicly; reports point to an S-1 in the second half of 2026. No ticker or price range yet.
- Key number: Databricks is valued at about $134 billion privately, with a revenue run-rate near $5.4 billion growing roughly 65% year over year and AI revenue past a $1.4 billion run-rate.
- What to watch: The head-to-head with Snowflake, true profitability and cash burn, the durability of 65% growth, and whether public markets grant a $134B-plus valuation.
- Exposure angle: You cannot buy Databricks shares yet; the practical way to trade the data-and-AI theme is via public peers — Snowflake, Palantir, Datadog, MongoDB and Oracle.
What Is Databricks?
Databricks is an enterprise software company founded in 2013 by the original creators of Apache Spark, the open-source big-data processing engine, and is led by CEO Ali Ghodsi from its San Francisco headquarters. Its flagship idea is the “lakehouse” — a platform that combines the cheap, flexible storage of a data lake with the structured query performance of a data warehouse, so enterprises can keep all their data in one place and run analytics and AI on top of it. Around that core, Databricks has built a wide platform: Delta Lake for storage, Unity Catalog for governance, Mosaic AI for building and serving models, and newer products like Genie and Lakebase aimed squarely at the generative-AI wave.
The strategic pitch behind the Databricks IPO is that data and AI are converging, and the company that owns the data platform is best placed to own enterprise AI. Databricks sells primarily to large enterprises on a consumption basis, and it has been winning a growing share of corporate AI and machine-learning budgets in head-to-head evaluations. With a reported $5.4 billion revenue run-rate, more than 650 customers each paying over $1 million a year, and AI revenue already past a $1.4 billion run-rate, Databricks has the scale of a public company while still private. For anyone searching “what is Databricks” or “is Databricks going public,” the answer is: Databricks is a leading data-and-AI platform that is widely expected to stage one of the biggest software IPOs ever.
When Will Databricks IPO? The State of Play
Databricks has not yet filed a public S-1, and as of mid-2026 it had not announced a confidential filing either — but reporting consistently points to the company being on track to file in the second half of 2026, potentially marking the largest enterprise-software IPO in history. In the meantime, Databricks has raised aggressively in private markets: a roughly $4 billion Series L in December 2025 set its valuation at about $134 billion, and in January 2026 it added around $1.8 billion in debt financing led by JPMorgan. Those raises give it ample capital and the flexibility to time an IPO rather than rush one.
The key caveat for the Databricks IPO is that, like other pre-IPO names, the headline figures come from private financings and the company’s own disclosures, not an audited prospectus. There is no public S-1, no share count, no price range and no firm date. A $134 billion private valuation is negotiated with a select group of late-stage investors and may differ from where public markets ultimately price the stock — particularly given how sharply software multiples have moved in recent years. Until Databricks files a public S-1 with audited numbers, the responsible stance is to treat the Databricks IPO as a high-interest situation to monitor rather than an investable security.
What We Know About Databricks’ Business & Economics
Without a public prospectus, Databricks’ financials come from company disclosures and reporting, and should be read as such. The numbers are impressive for a company of this size: a revenue run-rate that crossed roughly $5.4 billion with reported growth around 65% year over year — an unusually fast pace at multi-billion-dollar scale — and AI-specific revenue already past a $1.4 billion run-rate. More than 650 customers reportedly pay over $1 million a year, a sign of deep enterprise penetration and expanding usage. Databricks has also signaled it can grow while generating cash, a differentiator versus many high-growth software peers that burn heavily.
What the public numbers do not yet reveal is the detail a public S-1 would force out: GAAP profitability, gross and operating margins, net revenue retention, and the true balance between growth and cash generation after heavy R&D and go-to-market spending. The central question in the Databricks IPO is whether it can sustain ~65% growth as it scales and as competition intensifies — and whether its AI products keep winning budget against both incumbents and rivals. Databricks reportedly out-grows Snowflake (its closest public comparable) on both revenue and AI traction, but the audited financials will show how profitable that growth actually is. Those open questions are why this analysis offers no buy or sell verdict on an unlisted company.
Who Are Databricks’ Competitors?
Databricks’ single closest public comparable is Snowflake stock, the cloud data-warehouse leader that competes directly for enterprise data and analytics workloads — the head-to-head that will define how the Databricks IPO is valued. In the AI-and-analytics layer, Palantir stock competes for enterprise AI budgets with its data-and-decision platforms, and Datadog stock overlaps in cloud data observability and monitoring of the same modern data stacks.
On the database and infrastructure side, MongoDB stock represents the modern developer-database market that intersects with Databricks’ data platform, and Oracle stock is both a database incumbent and a fast-growing cloud-infrastructure provider central to the AI build-out. The hyperscalers — Microsoft (Fabric), Amazon and Google (BigQuery) — also compete, though they are diversified giants rather than pure comparables. Together these listed names form a tradeable map of the data-and-AI-infrastructure theme the Databricks IPO highlights — the practical way to gain exposure while Databricks itself stays private.
Correlated & Competitor Stocks
| Company (Ticker) | What they do | Why correlated to Databricks | Approx. price (early Jun 2026) |
|---|---|---|---|
| Snowflake (SNOW) | Cloud data warehouse | Closest public competitor and valuation benchmark | ~$241 |
| Palantir (PLTR) | Enterprise AI & data platforms | Competes for enterprise AI budgets | Triple digits |
| Datadog (DDOG) | Cloud observability & monitoring | Overlaps in the modern data stack | ~$244 |
| MongoDB (MDB) | Developer database platform | Adjacent modern-data market | ~$351 |
| Oracle (ORCL) | Databases + cloud infrastructure | Database incumbent and AI-cloud provider | Triple digits |
Prices are approximate and as of early June 2026; verify the live quote before trading.
Databricks IPO: Bull Case vs What to Watch
The bull case. Databricks sits at the center of two of the biggest enterprise trends — data modernization and AI — with a unified lakehouse platform that is winning a large share of incremental AI and machine-learning budgets. Roughly 65% revenue growth at a ~$5.4 billion run-rate is exceptional at this scale, and 650-plus customers paying over $1 million a year show deep, expanding enterprise relationships. Reportedly out-growing Snowflake on both revenue and AI traction, and signaling it can grow while generating cash, Databricks has a credible claim to being the defining data-and-AI platform of the era.
What to watch (rather than a verdict, since Databricks has not filed publicly). First, profitability: the audited financials will reveal GAAP margins and how much the 65% growth costs to produce. Second, valuation: a $134 billion private mark implies a steep multiple of revenue, and software valuations have proven volatile in public markets. Third, competition: Snowflake, the hyperscalers and AI-native startups are all fighting for the same data-and-AI budgets. Fourth, growth durability: sustaining ~65% expansion gets harder as the base grows. These are the disclosures and dynamics to track before the Databricks IPO becomes investable.
How Databricks Is Priced vs Snowflake & Peers
Because there is no public Databricks stock, the only yardstick is its private valuation against listed peers — chiefly Snowflake. At about $134 billion on a ~$5.4 billion run-rate, Databricks is privately marked at roughly 25x revenue. Snowflake, with reported revenue in the mid-$3-billion-to-$4-billion range and a public market capitalization around $50–60 billion, trades at a meaningfully lower revenue multiple — so Databricks’ private mark embeds both faster growth and a premium. The bull argument is that Databricks grows faster (≈65% vs Snowflake’s ~29%) and has stronger AI traction; the cautious argument is that public markets may not extend a 25x revenue multiple to a company once its real margins are visible.
The honest framing for a Phase-pre-IPO name is “priced for category leadership, public-market test still ahead.” Private late-stage valuations are set by a handful of investors and do not always survive an IPO’s price discovery, especially with a direct, liquid comparable like Snowflake on the board. Until Databricks files a public S-1 with audited financials, there is no responsible buy or sell call to make on it. What investors can do today is decide how much they believe in the data-and-AI-infrastructure thesis and express that through the listed peers above, where real prices and financials exist.
How to Get Exposure to the Databricks IPO Theme
To be direct: you cannot buy Databricks shares before it lists, pre-IPO access is generally limited to institutional and accredited investors, and the timing remains uncertain until it files. So for most people the realistic question is not “how do I buy Databricks stock” but “how do I get exposure to the data-and-AI-infrastructure theme the Databricks IPO represents.” The practical answer is the basket of public data and AI software leaders above — many available as real U.S. shares through US stocks on MEXC.
A theme-based approach spreads the risk: the closest comparable through Snowflake, enterprise AI through Palantir, observability through Datadog, modern databases through MongoDB, and database-plus-cloud-infrastructure through Oracle. These names move on the same drivers that will shape Databricks’ story — enterprise data spending, AI adoption, cloud-consumption trends and software-multiple sentiment. None is a substitute for owning Databricks directly, but as a group they let you participate in the data-and-AI cycle now, with normal liquidity and no allocation lottery. Confirm live prices and size positions to your own risk tolerance; this is information, not a recommendation.
Databricks IPO FAQs
What does Databricks do?
Databricks sells a “lakehouse” data-and-AI platform that lets enterprises store, process and analyze data and build and serve AI models. It competes with data warehouses and cloud analytics tools and sells mostly to large enterprises on a consumption basis.
When is the Databricks IPO?
Databricks has not filed a public S-1, but reporting points to a filing in the second half of 2026. No date, ticker or price range has been confirmed, and timing could change.
Can I buy Databricks stock before the IPO?
No. Databricks is private, and pre-IPO shares are generally restricted to institutional and accredited investors. The public will only be able to buy it once (and if) it lists — or get exposure to the data-and-AI theme now through public peers.
What is Databricks’ valuation?
Databricks was valued at about $134 billion in its December 2025 Series L round. That is a private mark, so any eventual IPO valuation could differ materially.
Who are Databricks’ competitors?
Its closest public comparable is Snowflake. Other competitors and correlated peers include Palantir, Datadog, MongoDB and Oracle, plus the hyperscalers Microsoft, Amazon and Google.
Disclaimer
This article is for informational purposes only and does not constitute financial advice, an offer to sell, or a solicitation to buy any security. IPO details (price range, valuation, timing) are subject to change and may differ from the final terms. You cannot purchase shares of a company before it lists, and IPO allocations are not guaranteed. Past performance does not guarantee future results. Investors should read the company’s official SEC filings and consult qualified financial advisors before making investment decisions.
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