Databricks raises $4B+ Series L at $134B valuation for AI apps

This round cements Databricks as one of the most valuable private AI infrastructure companies on the planet, effectively in the same strategic weight class as hyperscalers when it comes to data and model tooling. A $134 billion valuation on a $4.8 billion revenue run rate, with >55% growth and positive free cash flow, signals that investors see its lakehouse and agent platforms as core plumbing for enterprise AI, not just a nice-to-have analytics layer.

For the race to AGI, the key point is where value is accruing: not at the model layer, which Databricks explicitly calls “commoditizing,” but at the stack that connects many models to governed enterprise data and production applications. Their heavy investment in Lakebase, Databricks Apps, and Agent Bricks is a direct bet that AI-native enterprises will run thousands of agents and data‑intelligent apps on top of a unified data plane. That architecture makes it easier to swap in the best frontier or open‑source models without rewriting everything.

This shifts competitive pressure onto foundation model providers to integrate cleanly into these platforms—or risk being abstracted away. It also accelerates deployment of agentic systems in real enterprises, which will generate new feedback loops, datasets, and safety lessons feeding back into the AGI effort.