Private Markets: Databricks valued at over $100B in latest fundraising

Databricks surpassed $4B revenue run-rate and exceeded $1B AI revenue run-rate. Meanwhile, Replit closed $250M in funding, valuing company at $3B. Lastly, PsiQuantum raised $1B and announced collaboration with Nvidia.

Other private company news this week: OpenAI believes its spending through 2029 may rise to $115B, which is $80B more than previously expected, Yi Wei Wong of Bloomberg reports. The company is in the process of developing its data center server chips and facilities, as well as working to control cloud server rental expenses.

Some of the biggest capital raises by private companies this week include:

• Databricks – The Data and AI company announced it has crossed a $4B revenue run-rate during Q2, growing greater than 50% year over year. Databricks’ AI products also recently crossed a $1B revenue run-rate. Finally, the company is closing its Series K funding, raising $1B of capital. This investment values the company at over $100B and is co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM Investment Management. Publicly traded companies in the space include Snowflake (SNOW) and Teradata (TDC).
• Replit – The agentic AI software creation platform announced a $250M round, valuing the company at $3B, an almost 3-times valuation increase since its last raise in 2023. Prysm Capital leads the round which includes Amex Ventures and Google’s (GOOGL) AI Futures Fund as strategic investors. YC, Craft, a16z, Coatue, Paul Graham, and others are deepening their investments.
• PsiQuantum – The company announced it has raised $1B in funding for its Series E round to build the world’s first commercially useful, fault-tolerant quantum computers. Led by funds and accounts managed by affiliates of BlackRock (BLK), along with Temasek and Baillie Gifford, this fundraising values the company at $7B and brings in new investors, including entities administered by Macquarie Capital, Ribbit Capital, NVentures – Nvidia’s (NVDA) venture capital arm, Adage Capital Management, Qatar Investment Authority, Type One Ventures, Counterpoint Global – Morgan Stanley (MS), 1789 Capital, and S Ventures – SentinelOne (S). In addition to investment support from NVentures, PsiQuantum is collaborating with Nvidia across a broad range of development areas, including quantum algorithms and software, GPU-QPU integration and PsiQuantum’s silicon photonics platform.
• Strive Health – The kidney care company said it raised $300M in a Series D equity round and secured $250M in debt financing for a combined $550M capital raise. Publicly traded companies in the space DaVita (DVA), Humana (HUM), and Rockwell Medical (RMTI).
• Harbor Health Nabs – The primary and specialty care clinic group and health insurance company announced it has secured $130M in new funding. Existing investors General Catalyst, 8VC, and Alta Partners co-led the funding. Publicly traded companies in the space Molina Healthcare (MOH), Oak Street Health (CVS), and Humana.

Unicorns to watch this week:

• Apex Space – The space startup with a focus on supporting satellite networks for both companies and governments has recently reached unicorn status. Publicly traded companies in the space Redwire (RDW), AST SpaceMobile (ASTS), and Iridium Communications (IRDM).
• Anysphere – The infrastructure tools for Native AI company is valued at about $10B, with $500M ARR. Publicly traded companies in the space include Microsoft (MSFT), Alphabet (GOOGL), and CoreWeave (CRWV).
• The Bot Company – The robotics/drone platform as an estimated valuation of about $2B. Publicly traded companies in the space include Knightscope (KSCP), Serve Robotics (SERV), and Rockwell Automation (ROK).
• Celestial AI – The AI hardware/data center accelerators company has an estimated value of $2.5B. Publicly traded companies in the space include Nvidia (NVDA), AMD (AMD), and Intel (INTC).
• Underdog Fantasy – With a valuation of about $1.3B, the company operates in the sports gaming space. Publicly traded companies in the space include DraftKings (DKNG), Flutter Entertainment (FLUT), and MGM Resorts (MGM).

IPOs to watch:

• Sea Forrest International (SFTI) – the company has filed for an initial public offering of 3.75M Class A shares and anticipates that the initial public offering price of the Class A shares will be between $4.00 and $4.50 per share.
• Farlong Holding (AFA) – The company has filed for a firm commitment initial public offering of shares of common stock. Farlong has reserved the symbol “AFA” for purposes of listing its common stock on the Nasdaq Capital Market and applied to list its common stock on Nasdaq.
• Gemini Space Station (GEMI) – The company announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. Gemini is a global crypto platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto products and services for individuals and institutions in over 60 countries.
• Black Rock Coffee Bar (BRCB) – The company announced that it has filed a registration statement with the SEC relating to a proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
• Netskope (NTSK) – The company announced that it has filed a registration statement with the SEC relating to the proposed initial public offering of its Class A common stock. Netskope has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “NTSK.” The number of shares to be offered and the price range for the proposed offering have not yet been determined.

“Private Markets” is The Fly’s recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.