Databricks has announced a new funding round that values the company at $188 billion.

The company did not disclose the exact amount raised, saying the funds have not yet been received and that the round is expected to close later this summer.

Databricks has been on an aggressive fundraising streak over the past year and a half as it has repositioned itself as an artificial intelligence provider rather than simply a legacy software-as-a-service company.

In February, the company closed a $5 billion Series L funding round at a $134 billion valuation. Five months earlier, in September 2025, it raised $1 billion at a $100 billion valuation. In December 2024, roughly nine months before that, Databricks raised a then-record $10 billion at a $62 billion valuation.

The company has raised so many funding rounds over the years that its latest financing became the subject of memes about it running out of letters in the alphabet.

The company began rolling out a series of artificial intelligence products, including Lakebase, a database designed for AI agents; Unity, an AI gateway; and Omnigent, a “meta-harness” designed to manage multiple AI agents.

Databricks has also emerged as a prominent example of enterprises adopting more affordable Chinese open-weight models—AI models whose underlying code is publicly available for anyone to use and modify, as companies increasingly seek to control costs, one of the major trends of 2026.