Defense tech is flooded with money, but whos built to last?

Databricks hits $188B valuation, extending its run as AIs favorite second act

Databricks on Thursday announced a new round of funding that values the company at $188 billion. The round was led by Coatue.

Databricks didn’t disclose exactly how much it raised; it said the money isn’t in its hands yet and that the round will close later in this summer. (Other outlets have since reported the raise is roughly $3 billion.) While it’s unusual for a company to announce before it gets the money, a VC tells TechCrunch that the deal is solid, with so many firms wanting in that the company had no reason to keep its shiny new valuation a secret.

In fact, Databricks has been on a year-and-a-half fundraising tear as it successfully transitioned its image into an AI provider and not just a yesteryear SaaS sensation. Yesteryear being back in the BC times (Before ChatGPT).

Only five months ago, in February, Databricks closed a $5 billion Series L raise at a $134 billion valuation. Five months before that, in September 2025, it raised $1B at $100 billion valuation. And roughly nine months before that, in December 2024, it raised what was a record-breaking round at the time of $10 billion at a $62 billion valuation.

Databricks has raised so many rounds over the years that this latest one became the subject of memes about running out of letters of the alphabet. “Turning on alerts for when we get a Series AA,” one person posted.

Defense tech, AI, and fundraising take center stage at StrictlyVC Los Angeles on June 18

With just two weeks to go, StrictlyVC Los Angeles is quickly approaching. On Thursday, June 18, at The Aerospace Corporation Campus in El Segundo. Investors, founders, and tech leaders will gather for an evening of conversations exploring some of the most consequential shifts taking place across venture capital, defense technology, artificial intelligence, and advanced industry. Secure your spot here.

For executives navigating a rapidly changing technology landscape, StrictlyVC offers something increasingly difficult to find: direct access to the people building, funding, and shaping the next generation of companies. The conversations are candid, the audience is highly curated, and the insights extend far beyond what can be found in headlines, podcasts, or social media feeds.

Image Credits:Slava Blazer Photography / TechCrunch

Who’s taking the stage in Los Angeles

The evening begins with Ethan Thornton, founder of Mach Industries. In his session, “Built for a New Era of Defense Technology,” Thornton will share his perspective on building a hard tech company at speed and how advances in autonomy, manufacturing, and national security are transforming the defense sector. His story reflects a broader movement of founders tackling ambitious challenges in industries undergoing rapid change.

The conversation continues with Delian Asparouhov of Founders Fund and Saif Khawaja of Shinkei Systems. Together, they will discuss the rise of physical AI and how developments in robotics, automation, and artificial intelligence are creating new opportunities to transform the physical world. Their discussion will offer insight into what it takes to build and scale breakthrough technologies beyond software alone.

Also joining the lineup is Carter Reum, co-founder and partner at M13. In his session, “Finding the Next Big Thing,” Reum will explore how AI is reshaping industries and how investors are moving beyond short-term hype to identify companies built for long-term durability. He will share his perspective on where innovation is creating the most meaningful opportunities and how venture investing is evolving as new categories emerge.

Image Credits:Slava Blazer Photography / Flickr (opens in a new window)

Additional speakers and conversations will be announced soon as the StrictlyVC Los Angeles agenda continues to grow. Stay updated on the latest speaker announcements and event news.

Grab your pass and join the conversations

Beyond the conversations on stage, StrictlyVC Los Angeles is designed to bring together the people driving innovation across technology and venture capital. Throughout the evening, attendees will have opportunities to connect with founders, investors, and operators in an environment that encourages meaningful discussion and the exchange of ideas. Whether you are looking to expand your network, gain new perspectives, or discover emerging opportunities, the value of the event extends well beyond the scheduled sessions. Secure your spot here.

Image Credits:TechCrunch When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

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Defense tech is red hot right now. Anduril and Mach Industries just doubled and quadrupled their valuations, respectively, and the U.S. government is proposing a 40% increase in defense budget. A wave of new startups is chasing those government contracts, but according to Ross Fubini, the venture investor who wrote Anduril’s first check, most of them will get lost in the Valley of Death between prototype contract and real production deal.

Watch as, on this episode of TechCrunch’s Equity podcast, Rebecca Bellan asks Fubini — the founder and managing partner of XYZ Venture Capital, built on the Palantir alumni network and now approaching $2B AUM — what separates the survivors from the rest.

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

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Theresa Loconsolo is an audio producer at TechCrunch focusing on Equity, the network’s flagship podcast. Before joining TechCrunch in 2022, she was one of 2 producers at a four-station conglomerate where she wrote, recorded, voiced and edited content, and engineered live performances and interviews from guests like lovelytheband. Theresa is based in New Jersey and holds a bachelors degree in Communication from Monmouth University. You can contact or verify outreach from Theresa by emailing theresa.loconsolo@techcrunch.com.

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Defense tech is flooded with money, but whos built to last?

Databricks hits $188B valuation, extending its run as AIs favorite second act

Databricks hits $188B valuation, extending its run as AIs favorite second act

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Defense tech, AI, and fundraising take center stage at StrictlyVC Los Angeles on June 18