RADAR · Pre-filing · Data & AI Infrastructure

Databricks IPO

Databricks closed a $134B Series L in February 2026 and is reportedly in talks for a new funding round at $165–175B — but CEO Ali Ghodsi has publicly ruled out a 2026 IPO. The counter-story to the AI IPO rush: strong financials in the pipeline, and a CEO saying not yet.

• $134B — Series L (confirmed Feb 2026)
• $6.9B — Reported revenue run-rate
• Not 2026 — CEO ruled out this year

Filing status: No filing; CEO rules out 2026

Reported facts

Filing status

No filing; CEO rules out 2026. No draft or public S-1 on EDGAR under Databricks' CIK as of the draft date. No confirmed banker slate in public reporting.

Last confirmed private mark

$134B Series L — company-announced December 2025, completed February 9, 2026 (~$7B+ total package).

Reported round talks (not confirmed)

$165–175B new funding-round discussions reported by The Information on June 8–9, 2026. Not a closed round.

CEO on 2026 IPO

Ali Ghodsi called 2026 a "terrible year" for IPOs at a Bloomberg event on June 4, 2026, pointing to 2027 at the earliest.

Revenue run-rate

$6.9B reported (up from $5.4B disclosed in the February 9, 2026 company statement); $1.4B of that from AI products.

Free cash flow

Positive — reaffirmed in the February 9, 2026 company statement alongside the Series L close.

Debt

$1.8B term loan arranged by JPMorgan, early 2025.

Valuation arc

• Sep 2023: $43B (Series I)
• Dec 2024: $62B (Series J)
• Feb 2026: $134B (Series L (confirmed))
• Jun 2026: $165–175B (reported round talks)

Revenue ramp

• Feb 2026 (statement): $5.4B
• Jun 2026 (reported): $6.9B

What the reporting says

Two prices, two disciplines. The $134B Series L is the last price investors actually paid — company-announced in December 2025 and completed February 9, 2026. The $165–175B figure is talks reported by The Information on June 8–9, 2026 for a new funding round — a mark that has not cleared. Every "Databricks at $175B" headline is running on the second number as if it were the first.

The counter-story to the AI IPO rush is the CEO's own words. On June 4, 2026, Ali Ghodsi told a Bloomberg audience that 2026 has been a "terrible year" for IPOs and Databricks is pointing to 2027 at the earliest. Underneath: $6.9B revenue run-rate, $1.4B in AI product revenue, positive free cash flow reaffirmed in the February 9 statement, and a $1.8B JPMorgan-arranged term loan. Described in coverage as among the few free-cash-flow-positive names in the AI pre-IPO pipeline. Financials that could file; a founder who won't.

The path from here

• RADAR to READY: promotion fires automatically when a public S-1 appears on EDGAR under the company's central index key (CIK). Confidential DRS is prose-only, never a stage promotion.
• READY to PING: fires when pricing becomes official — typically the evening before trading, always before the open — once terms are set in a 424B4 (or 424B3/A) prospectus.
• PING to STRIKE: fires when the first trade prints on the listing exchange. The moment has no schedule; STRIKE (beta) lands within minutes.
• STRIKE to ORBIT: the deal enters post-IPO monitoring — lockup radar, day-1 close, price history.

What to watch

• Watch EDGAR — a public S-1 under Databricks' CIK is the single event that flips RADAR to READY.
• Watch Ghodsi's on-record posture — the 2026 rule-out is prose, and prose can change.

What we don't know

• Whether the reported $165–175B round talks close, at what price, and with what primary-vs-secondary split.
• Any banker slate or listing venue — nothing verified in public reporting.
• Full-year 2026 revenue, gross margin, and detailed AI product mix.

Public reporting only. No draft or public S-1 on EDGAR under Databricks' CIK as of the draft date [7]; valuation talks and financial run-rates are third-party reported or company-confirmed.

Sources

1. Databricks (company statement) / CNBC — Databricks Series L close at $134B (announced Dec 2025, completed Feb 9, 2026; $5.4B run-rate, $7B+ total package) (2026-02-09)
2. The Information — Databricks in talks for new funding round at $165–175B valuation (2026-06-09)
3. Bloomberg — Databricks CEO Ali Ghodsi calls 2026 a "terrible year" for IPOs, points to 2027 at earliest (2026-06-04)
4. CNBC — Ghodsi conference remarks: Databricks revenue run-rate at $6.9B, $1.4B from AI products (2026-06)
5. Reporting on Databricks February 9, 2026 company statement — Databricks reaffirms positive free cash flow at Series L close; described in coverage as among the few FCF-positive names in the AI IPO pipeline (2026-02-09)
6. Reporting on JPMorgan-arranged term loan — JPMorgan arranges $1.8B Databricks term loan (2025-01)
7. bellipo — Bellipo first-party check of the public EDGAR record (full-text and company search) for Databricks, Inc. — no CIK assigned, no draft or public S-1 on file at the check date (2026-07-22)
8. Reuters — Databricks raises $500M at $43B valuation (Series I) (2023-09)
9. CNBC — Databricks closes $10B Series J at $62B valuation (2024-12)