Databricks announced on Tuesday that it has secured over $4 billion in fresh funding, valuing the company at $134 billion. The deal highlights growing investor confidence in firms positioned to benefit from the rapid adoption of artificial intelligence. The Series L round comes less than six months after Databricks’ previous funding, which valued the company at $100 billion. The new capital strengthens the San Francisco-based firm’s ability to keep investing aggressively and compete with rivals. “It’s a race, and everyone is investing,” CEO Ali Ghodsi said, adding that raising substantial capital has helped Databricks accelerate its growth without falling behind competitors.

Databricks reported a revenue run rate exceeding $4.8 billion in the third quarter, representing growth of more than 55% year over year. Its AI offerings and data warehousing operations each crossed a $1 billion annual run rate, while the company also generated positive free cash flow over the past 12 months. The newly raised funds will be used for research and development, expanding sales and marketing teams, and retaining talent. Part of the capital will also provide liquidity to employees through secondary share sales.

The funding round was led by Insight Partners, Fidelity Management & Research Company, and J.P. Morgan Asset Management, with participation from Andreessen Horowitz, BlackRock, and Blackstone. Insight Partners’ managing director John Wolff said the company continues to combine strong financial performance with tangible customer value from AI. Although Databricks has not ruled out going public in 2026, Ghodsi said he remains cautious, citing the market turmoil and widespread layoffs seen in 2022.

Databricks is positioning itself as a secure, neutral platform, stressing that its governance tools allow customers to work with sensitive data without moving it outside their cloud environments. The company’s strategy centers on developing “data intelligence applications,” including databases designed for AI agents and a product called Agentbricks that embeds intelligence directly into software.

This approach enables customers to use multiple AI models from providers such as OpenAI, Anthropic, and Google, as well as open-source alternatives. Ghodsi noted that as large language models become more commoditized, the value of Databricks’ platform—which helps businesses customize and deploy them securely—continues to rise. Databricks serves more than 20,000 customers worldwide, including major organizations such as Shell, Adobe, and the NBA.