Databricks hits $7 billion revenue run rate in Q2, $190 billion valuation

Databricks said it passed the $7 billion annual revenue run rate in the second quarter. The company is now valued at $190 billion.

The company disclosed its revenue run-rate as it closed $5 billion in funding led by Coatue. The round included Blackstone, MGX, T. Rowe Price and Sixth Street Growth, a new investor.

According to Databricks, the funding will be used to further develop Lakebase, the company's serverless Postgres database. Lakebase has a $100 million annual revenue run rate.

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Databricks said the funding will also be used for its AI coworker Genie and Unity AI Gateway.

The company is expected to go public in the not-to-distant future and many of the investors in its latest round are Wall Street institutions.

Databricks outlined the following financial details:

• The company has delivered positive adjusted free cash flow over the last 12 months.
• Lakehouse has a $1.5 billion revenue run rate.
• Databricks has more than 1,000 customers consuming at more than a $1 million revenue run rate and more than 100 customers at a $10 million run rate.

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