Databricks wanted to raise $1B, investors wanted $15B. It settled on $5B at a $190B valuation.

Databricks CEO Ali Ghodsi said the company initially aimed to raise $1 billion, but investor interest surged after reports of a larger round emerged during its June conference. The AI data company ultimately raised $5 billion at a $190 billion valuation, with Coatue leading and firms including Blackstone, MGX, T. Rowe Price-related accounts, and Sixth Street Growth participating.

The round underscores how elite late-stage AI infrastructure companies can command enormous valuations and investor demand even before going public. It also highlights a private-market dynamic where startups may raise more than planned to satisfy major backers, reinforcing the scarcity premium around AI data platforms.