Databricks
ConvictionModerate
Consumption/usage-based SaaS (DBUs) sold across the three hyperscalers; land-and-expand with >140% net retention, layered AI/agent monetization (Mosaic AI, Agent Bricks, Genie, Lakebase).
Revenue
~$6.9B annualized run-rateJun 16 2026, Data+AI Summit); $5.4B as of Jan/Q4 (Feb 2026Rev growth
>80% YoYQ2-cal 2026); was >65% in Q4 (Feb 2026Gross margin
~74%Jun 2026), down from >80% — compressing on AI-agent computeOp margin
not disclosedprivate); FCF-positive over trailing 12 monthsCapex intensity
Asset-light — compute runs on hyperscaler infrapass-through COGS), not owned datacentersValuation
~$134Blast priced round, Series L Dec 2025); new round in talks at $165B-$175B (The Information, Jun 9 2026); secondaries imply ~$170B (Forge $242/sh, Jun 13 2026Valuation trail
$134B49× since Feb 2019
8 marks · Feb 2019–Dec 2025
private — no public price
Priced round
Priced primary rounds only; Series A-D valuations were never disclosed (omitted). Jun 2026 $165-175B is an in-talks target (not a closed round) — see note, excluded as a point.
Across the boards
The thesis on this name
subject
State of AI Compute
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Full financial intelligence for Databricks
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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