Databricks Upcoming IPO: Stock price, valuation and how to invest pre-IPO

Over the past few years, several private market AI companies have rapidly grown into $100 billion-plus valuations.⁵ But while money has been pouring into companies like OpenAI and Anthropic, interest in these startups eventually going public has been high, especially on the heels of SpaceX's IPO.⁶

Databricks has also been one of the most closely watched IPO candidates among AI-related companies. However, despite high growth and speculation about an IPO in recent years, the company has held off on going public, amidst what it sees as challenging market conditions.⁷

Meanwhile, Databricks has continued to raise funds. In December 2024, its Series J raised over $10 billion at around a $62 billion valuation. In September 2025, Databricks raised over $1 billion at a $100 billion valuation.⁸ Then in December 2025, Databricks announced it was raising over $4 billion for its Series L at a $134 billion valuation.⁹ The company then announced in February 2026 that follow-on funding for this Series L brought equity financing to around $5 billion, while retaining the $134 billion valuation, along with around $2 billion in debt financing.

As of June 2026, the company is opting to raise additional private capital rather than pursue an IPO for now. According to The Information, Databricks is targeting a valuation of $165 billion to $175 billion in its latest private raise that could start as soon as July.¹⁰ CEO Ali Ghodsi told Bloomberg that 2026 is a "terrible" year to list, as blockbuster IPOs from SpaceX and anticipated public offerings from Anthropic and OpenAI crowd the market.¹¹ As those companies turn to public markets, Reuters notes that private capital is being freed up for companies like Databricks.¹²

Databricks: Company background

Databricks, based in San Francisco, is a data analytics and AI company that was founded in 2013 by seven co-founders — most of whom remain active with the company's day-to-day operations— including: Ali Ghodsi, Ion Stoica, Matei Zaharia, Patrick Wendell, Reynold Xin, Andy Konwinski and Arsalan Tavakoli-Shiraji.¹³

The co-founders have backgrounds in academia and open source projects such as Apache Spark.¹⁴

Making sense of Big Data

The vast and growing amount of data in the world is only valuable if organizations can make sense of it. Databricks provides software to help companies store their data and analyze it, both from a backward-looking analytical perspective and a forward-looking predictive perspective, applying AI to draw insights and recommendations.

Databricks is known for its lakehouse architecture, which combines aspects of data lakes and data warehouses. The platform is built on open source standards so companies retain more control over their data. For example, HP has used Databricks to modernize its data platform, helping to save money and improve efficiency.¹⁵

From an AI perspective, Databricks helps companies build and implement AI models that can be applied to their own data. JetBlue, for example, uses Databricks' AI capabilities to help in areas such as optimizing fuel efficiency, among other applications.¹⁶

Databricks had over 55% year-over-year revenue growth in Q3 2025, with the company crossing $4.8 billion in revenue run-rate. That figure includes over $1 billion from its data warehousing business and over $1 billion from AI products.¹⁷

In all, Databricks has grown to over 20,000 customers, including over 60% of the Fortune 500. Among its customers, more than 500 are spending with Databricks at an annual revenue run-rate of over $1 million.¹⁸

The company has also made major acquisitions to fuel its growth, including buying data management company Tabular in 2024 for a reported $2 billion, perhaps to try to maneuver ahead of its main competitor, Snowflake.¹⁹ In 2025, Databricks also acquired Neon, a serverless database company that helps support emerging areas like agentic AI database provisioning.²⁰

Following its Series L, Databricks' valuation grew to nearly twice the market cap of Snowflake (around $81 billion for Snowflake vs. a Forge Price private market valuation of almost $171 billion for Databricks).²¹,²² According to Reuters, the latest talks of a potential raise at up to $175 billion could see Databricks overtake Stripe as one of the most valuable VC-backed startups.²³

Databricks stock price history

Databricks' Forge Price is $242.04 at a $170.7B valuation as of June 24, 2026. That increase has largely come over the past several months, driven by Databricks' Series K and Series L. Its Forge Price has climbed from the Series L implied price of $190 and more than double from its $112.75 Forge Price a year ago.²⁴

In comparison, the Forge Private Market Index — a broad measurement that reflects the up-to-date performance and pricing activity of venture-backed, late-stage companies that are actively traded in the private market — is up 94% over the past year. The gains are similar, although Databricks has a slight edge over the index.²⁵

Forge Data as of 07/10/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Databricks funding history and private market valuation

Databricks has had 12 primary funding rounds, starting with its Series A in 2013, led by Andreessen Horowitz, raising $14 million at a valuation of $48.68 million.²⁶

In 2014, its Series B, led by New Enterprise Associates,²⁷ raised around $34 million at a valuation of about $250 million. In 2016, the Databricks Series C raised over $60.37 million at a valuation of nearly $520 million, followed by a Series D in 2017 that raised $140 million at nearly a $1 billion valuation.²⁸

In early 2019, Databricks raised $250 million and its valuation nearly tripled to $2.81 billion,²⁹ with this Series E round again led by Andreessen Horowitz but also including investors such as Microsoft and Coatue Management.³⁰ Later that year, the company's Series F valued Databricks at $6.2 billion, raising over $400 million.³¹ This round was once more led by Andreessen Horowitz but also brought in large asset managers such as BlackRock, T. Rowe Price and Tiger Global Management.³²

The company then took a significant leap forward by raising over $1 billion for its Series G in 2021, led by Franklin Templeton,³³ valuing Databricks at $28 billion.³⁴ Later that year, the Databricks Series H raised $1.63 billion, bringing its valuation to nearly $38 billion,³⁵ in a round led by Morgan Stanley's Counterpoint Global.³⁶

In 2023, Databricks raised nearly $685 million for its Series I, with its valuation climbing to over $43 billion.³⁷ The following year, Databricks had its largest funding round, raising over $10 billion for its Series J at about a $62 billion valuation.³⁸ This round was co-led by Thrive Capital, Andreessen Horowitz, DST Global, GIC, Insight Partners and WCM Investment Management.³⁹

In September 2025, Databricks raised over $1.13 billion at a $100 billion valuation for its Series K,⁴⁰ and by February 2026, it raised $5 billion at a $134 billion valuation for its Series L.⁴¹

As of June 2026, The Information reported that Databricks is raising fresh private capital at a valuation of $165 billion to $175 billion.⁴²

Forge Data as of 07/10/2026

Databricks IPO outlook

Despite years of IPO speculation, Databricks appears to be firmly staying private for the time being. CEO Ali Ghodsi told Bloomberg that 2026 is a "terrible" year to list, citing a calendar crowded by SpaceX's blockbuster IPO and anticipated public offerings from Anthropic and OpenAI.⁴³ Instead of competing with those headline-grabbing listings, Databricks is reportedly raising private capital at a valuation of up to $175 billion.⁴⁴

The strategy has its own logic, noted Reuters, pointing to a World Intellectual Property Organization analysis based on Pitchbook data: The number of global venture deals has fallen roughly 44% since 2022, with funding concentrating in $100 million-plus rounds.⁴⁵ As major AI companies move toward public markets, private capital that had been flowing to those companies becomes available for large AI-related firms like Databricks to capture.

The experience of rival Snowflake may also factor into the timing calculus. Snowflake listed in September 2020, yet as Reuters noted, its shares have barely moved above their debut price.⁴⁶ Databricks has long been on IPO watch, with Bloomberg reporting in 2020 that Databricks was planning a 2021 IPO. Instead, it has continued to raise private rounds at rapidly escalating valuations rather than test the public market.⁴⁷

An IPO still appears to be the company's long-term goal. CEO Ghodsi has said on CNBC that Databricks will eventually be a public company.⁴⁸ Whether that happens in 2027 or later remains to be seen. Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a possible Databricks IPO and other pending public offerings.

How to invest in Databricks stock

Because Databricks is not publicly traded, its shares are not available on public exchanges. However, accredited investors may be able to access pre-IPO shares through a private marketplace such as Forge, subject to share availability and applicable eligibility requirements.

Private market transactions typically involve purchasing shares from existing shareholders, such as early employees or institutional investors. It is important to note that private company shares are subject to transfer restrictions, and availability may vary. Investors interested in learning more about pre-IPO investing can explore Forge's educational resources.

Forge's experienced team of private market specialists is available to assist throughout the trade lifecycle when requested. To explore opportunities, investors may create an account on Forge.

Potential indirect exposure to Databricks for non-accredited investors

Non-accredited investors who cannot directly access private Databricks shares might consider indirect thematic exposure. Options include investing in public competitors like Snowflake or cloud providers that partner with Databricks,¹⁴ such as Amazon, Microsoft and Alphabet.

Additionally, broad technology or AI-focused ETFs may offer exposure to the sector's performance. These approaches do not provide direct economic exposure to Databricks, but they allow participation in the broader data and AI market that Databricks operates within.

How to analyze Databricks stock

Investors evaluating Databricks may look at metrics such as its over $5.4 billion revenue run-rate,⁴⁹ year-over-year growth trajectory and competitive positioning against Snowflake. In the private market, analyzing funding history and Forge Price data can help provide contextual pricing insights.

It is worth noting that private companies generally provide less financial disclosure than public companies, which can make valuation more subjective. Comparing Databricks' private market valuation to publicly traded peers like Snowflake on metrics such as revenue multiples may offer one useful reference point.

Potential risks of investing in pre-IPO Databricks stock

Investing in private companies involves distinct risks that differ from public market investing. Pre-IPO shares can involve risks such as limited liquidity and transfer restrictions, among other considerations, which may affect an investor’s ability to sell holdings when desired.

At a reported valuation of up to $175 billion, Databricks faces high expectations to execute on its AI strategy. The company operates in a competitive landscape that includes Snowflake and major cloud providers building native data and AI tools. Private investments are speculative and involve the potential for loss of capital.

Looking ahead

Check back here or take a look at Forge’s upcoming IPO calendar to stay in the loop about a possible Databricks IPO and other pending public offerings.

If you’re interested in investing in private companies like Databricks before they go public, you can read more about pre-IPO investing or register on Forge marketplace today to get started.