Abu Dhabi tech investor MGX co-led a $1 billion Series K funding round for San Francisco-based Databricks, valuing the company at over $100 billion. Databricks provides AI-backed data intelligence that improves business outcomes and drives efficiencies for over 20,000 organizations. The September round marks MGX's second major investment in Databricks, following its participation in the company's $10 billion Series J raise in December 2024—one of the largest venture capital deals on record at the time. MGX joins US-based firms Andreessen Horowitz, Insight Partners, Thrive Capital and WCM Investment Management as co-leads.

Why This Matters

MGX is providing long-term capital to US AI innovators looking to grow. After backing Databricks' record-breaking $10 billion raise in 2024, MGX participated in the company's recent $1 billion funding round—reinforcing its strategic focus on US AI leadership. The investment builds on MGX’s growing US AI portfolio, which includes the acquisition of Intel’s Altera and investments in OpenAI’s $500 billion Stargate initiative, advancing AI capabilities while creating jobs in critical technology sectors.
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Full Press Release: Databricks Surpasses $4B Revenue Run-Rate, Exceeding $1B AI Revenue Run-Rate

Company is closing $1B Series K at >$100B valuation

Databricks, the Data and AI company, today announced it has crossed a $4 billion revenue run-rate during Q2, growing >50% year over year. Databricks’ AI products also recently crossed a $1 billion revenue run-rate. The company has also achieved positive free cash flow over the last 12 months. Finally, the company is closing its Series K funding, raising $1 billion of capital. This investment values the company at over $100 billion and is co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM Investment Management.

Databricks’ Recent Performance

This new investment comes on the heels of strong momentum for Databricks, which includes:

• Surpassing $4 billion revenue run-rate, growing >50% year over year.

• Recently exceeding $1 billion revenue run-rate for its AI products.

• Achieving positive free cash flow over the last 12 months.

• Net retention rate sustaining >140%.

• 650+ customers consuming at over $1 million annual revenue run-rate.

Series K Investment

Databricks will use the new capital to accelerate its AI strategy — expanding Agent Bricks, launching the new Lakebase category, and fueling global growth. At the June Data + AI Summit, Databricks introduced a new product, Agent Bricks, which builds high-quality, production AI agents optimized on your enterprise data, and Lakebase, a new category of operational databases (OLTP) built on open source Postgres, and optimized for AI agents. The investment will also support future AI acquisitions and deepen AI research.

“Our teams are putting up these results by building the data and AI infrastructure enterprises will rely on for decades,” said Ali Ghodsi, Co-Founder and CEO of Databricks. “With this new capital, we can move even faster with Agent Bricks, helping customers in every industry turn their data into production AI agents, and carry more momentum as we create the new Lakebase category, reinventing databases for AI agents.”

Continued Momentum

Databricks’ new capital comes amid increasing growth and expansion. During the two prior quarters, Databricks launched or expanded partnerships with Microsoft, Google Cloud, Anthropic, SAP, and Palantir. Additionally, this year the company signed new office leases in San Francisco and Sunnyvale to attract top AI talent.

The Databricks Data Intelligence Platform democratizes access to data and AI, making it easier for organizations to harness the power of their data for analytics and AI apps and agents. Built on an open source foundation, the platform enables organizations to drive innovation to increase revenue, lower costs, and reduce risk.

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