Databricks raises $5B at $190B valuation, 3x oversubscribed

Databricks set out to raise $1 billion but investor demand reached $15 billion, so it settled on a $5 billion round at a $190 billion valuation. CEO Ali Ghodsi said he accepted more capital than originally planned given the demand.

Why it matters: The scale of oversubscription shows investors are still pouring capital into AI-infrastructure leaders even as some hardware names have wobbled recently. It underscores how AI investment capital is concentrating in a small number of data and AI-platform companies rather than spreading evenly across the market.