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Databricks, the data analytics and artificial intelligence software company, announced the completion of a $5 billion funding round, alongside $2 billion in newly secured debt capacity, valuing the company at $134 billion in one of the largest technology financings in recent years.

The company reported that its adjusted annual revenue surpassed $5.4 billion in the quarter ended January, marking 65% year-over-year growth, while also generating positive free cash flow over the past year. The results underscore Databricks’ accelerating operational expansion and improving financial efficiency.

Ali Ghodsi, co-founder and CEO of Databricks, said the company is prepared to pursue an initial public offering when market conditions are favorable, noting that the timing of a listing will depend on broader market stability. He added that continued market volatility could prompt Databricks to remain private for a longer period.

The funding comes as 2026 is expected to see high-profile technology IPOs, with major artificial intelligence companies such as Anthropic and OpenAI reportedly exploring public listings, alongside potential offerings from SpaceX.

Databricks is increasingly driven by its AI-focused products, which alone generated approximately $1.4 billion in annual revenue. The company enables customers to connect proprietary data with AI models to build custom agents, while also providing advanced tools for data storage, processing, and analytics.

The funding round included participation from prominent investors such as Goldman Sachs, Morgan Stanley, and the Qatar Investment Authority, while JPMorgan led the debt financing, significantly strengthening Databricks’ liquidity position.

Currently, Databricks outpaces rival Snowflake in scale, as Snowflake reported quarterly revenues of $1.21 billion in its October-ended quarter and carries a market capitalization of around $58 billion.