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Databricks is on the verge of finalizing a groundbreaking $9.5 billion round at a staggering $60 billion valuation. According to Reuters, this round includes a secondary sale for employees and could potentially climb even higher before sealing the deal. Just 17 days ago, reports indicated the deal was at $8 billion with a $55 billion valuation. Leading the charge is Thrive Capital, along with returning investors Andreessen Horowitz, Insight Partners, and the Singaporean sovereign wealth fund GIC.
The Big Numbers
This round surpasses OpenAI’s $6.6 billion raise in October, which was the largest round of all time and also led by Thrive’s Joshua Kushner. Additionally, Databricks may take on $4.5 billion of debt as part of this monumental deal.
A Bargain in the Eyes of VCs
Despite the eye-popping figures, venture capitalists believe that the reported $92.50 per share is a steal considering Databricks’ main competitor is Snowflake, known for one of tech’s most successful IPOs and currently boasting a market cap of around $56 billion.
