Databricks: 190 billion dollars, a 7 billion revenue run-rate, and the multiple that follows

By Unicorn Private Research. Published and last updated 26 September 2026.

Key takeaways

The round closed on 13 August 2026 at a valuation of 190 billion dollars, raising about 5 billion dollars.
Revenue run-rate crossed 7 billion dollars with growth above 80 per cent year on year, up from 65 per cent at the December 2024 round.
At that run-rate the valuation implies roughly 27 times revenue, against a listed comparable, Snowflake, at a market capitalisation of 116 billion dollars on about 3.8 billion dollars of revenue growing near 30 per cent.
No IPO date has been set. The investor base in the last round is the kind that usually looks for a public exit within one to two years.

Databricks is the clearest case in this set of a company whose private valuation can be tested against a listed peer, because Snowflake trades publicly in an overlapping market. That makes the arithmetic unusually visible, and the arithmetic is the reason the company is discussed as an IPO candidate rather than a permanent private holding.

The round and the numbers behind it

Figure	What it is	Source and date
190 billion dollars	Post-money valuation of the round	CNBC, 13 August 2026
About 5 billion dollars	Amount raised in the round	CNBC, 13 August 2026
More than 7 billion dollars	Revenue run-rate at the time of the round, growing above 80 per cent year on year	Investing.com, 13 August 2026
About 1.5 billion dollars	Run-rate of the Lakehouse product line, growing above 100 per cent	Investing.com, 13 August 2026

Growth accelerating from 65 per cent to above 80 per cent between two rounds is the fact doing the work here. Software companies of this size normally decelerate, and the market pays for the exception.

The multiple, stated plainly

190 billion dollars on a 7 billion dollar run-rate is about 27 times revenue. Snowflake, the nearest listed comparable, carried a market capitalisation of about 116 billion dollars on roughly 3.8 billion dollars of revenue growing near 30 per cent, which is about 30 times. On that single measure the two are not far apart, and the premium Databricks carries is a premium for growth rate, not for scale.

Whether that premium holds at a listing is the open question, and it is not one we will answer with a number of our own. Morningstar published a piece on 13 August 2026 arguing the arithmetic does not add up, which is worth reading alongside the bullish case.

Where an IPO stands

Databricks has not filed publicly and has not announced a date. What changed in August 2026 is the composition of the shareholder register: sovereign wealth funds and large diversified asset managers do not normally enter at this size without a view on a public exit, and the conventional window for that is twelve to twenty four months from entry. That is an inference from the investor base, not a company statement.

What a buyer is taking on before a listing

Multiple risk. At 27 times revenue, most of the return depends on the multiple holding rather than on the business growing.
A listed comparable that moves. Snowflake's share price sets the reference point daily, and a fall in its multiple is repriced into Databricks before any private mark changes.
Competition from the cloud providers, which sell overlapping products and control the infrastructure Databricks runs on.
No audited accounts. Revenue run-rate is a company figure reported through the press, not an audited number in a prospectus.
Entry price after a run. The valuation has moved from 62 billion dollars in December 2024 to 190 billion in August 2026.

Exposure before a listing

Databricks shares are not available directly. Exposure is obtained through secondary transactions with existing holders, subject to company consent, or through a vehicle that holds them. Unicorn Private operates in that part of the market, buying secondary positions in established private technology companies of this size rather than funding early-stage businesses. The judgement that remains is about price, and at 27 times revenue price is the whole question.

The short answer

Databricks is worth 190 billion dollars because a round closed there on 13 August 2026, on a 7 billion dollar revenue run-rate growing above 80 per cent. That is about 27 times revenue, close to where Snowflake trades on a much slower growth rate. There is no filing and no date, and the case for a listing rests on the investor base rather than on anything the company has said.

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About the publisher

This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.

Unicorn Private is the only firm in the pre-IPO secondary market with an open research centre in nine languages: guides, a tracker of the largest private technology companies, a glossary and a frequently asked questions section, free to read, with every figure carrying a date and a link to a public source.

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