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New Funding Round Could Put Databricks’ Value At $38 Billion: Report

Rick Whiting

The data lake and data analytics platform developer has already raised $1.9 billion in funding and the company is widely expected to go public in the near future.

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Databricks, the red-hot data analytics and data lake platform developer, is putting together a new round of funding that could boost the company’s value to $38 billion, according to a published report.

The Bloomberg report, which cited “three people familiar with the terms” of the new funding deal, said the financing round will be led by Morgan Stanley and could raise $1.5 billion. The report said such a funding round would put Databricks’ post-money valuation at $38 billion.

Bloomberg, citing two of its sources, said the funding deal hasn’t been finalized yet and could grow even larger.

[Related: Databricks Launches Data Sharing Initiative, Machine Learning Offering]

A Databricks spokesperson reached by CRN declined to comment on the report.

Databricks, founded in 2013 and based in San Francisco, is one of the IT industry’s hottest startups with many observers expecting the big data company to go public this year in what could be one of 2021’s biggest IPOs.

In February Databricks raised $1 billion in a Series G round of funding that brought its total financing to $1.9 billion and its post-money valuation to $28 billion.

In June “data-in-motion” technology developer Confluent went public at $44 per share, putting its market cap around $10 billion. Last year data cloud company Snowflake went public in a blockbuster IPO that initially put the company’s market cap around $73 billion – higher than such IT giants as VMware and Dell Technologies.

Rick Whiting

Rick Whiting has been with CRN since 2006 and is currently a feature/special projects editor. Whiting manages a number of CRN’s signature annual editorial projects including Channel Chiefs, Partner Program Guide, Big Data 100, Emerging Vendors, Tech Innovators and Products of the Year. He also covers the Big Data beat for CRN. He can be reached at rwhiting@thechannelcompany.com.

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