Databricks is targeting a $134B Nasdaq IPO in H1 2026 — the most significant data platform listing since Snowflake's own IPO. Full Databricks IPO tracker →
Databricks wins for ML/AI workloads, streaming, and data engineering. Snowflake wins for pure SQL analytics, BI, and multi-cloud data sharing. Both have converged in capability — Databricks added SQL warehousing, Snowflake added Python and ML. For investors: Databricks at $134B private and targeting an H1 2026 IPO is the more interesting pre-IPO story; Snowflake at ~$45B public has already priced in most of its growth narrative. Most enterprises run both.
By the Numbers
Head-to-Head Comparison
For data engineers, architects, and investors choosing between the two platforms in 2026.
| Dimension | 🔴 Databricks | 🔵 Snowflake |
|---|---|---|
| Founded | 2013 | 2012 |
| Status | Private · IPO pending ★ | Public (NYSE: SNOW) ★ |
| Valuation / Market Cap | ~$134B (private) | ~$45B (public, liquid) ★ |
| Revenue (Latest) | $2.4B ARR (~50% growth) | $3.6B FY2025 (~29% growth) ★ |
| Core Architecture | Data Lakehouse (Delta Lake) ★ | Cloud Data Warehouse |
| Storage Model | Open formats (Delta/Parquet on your S3) ★ | Proprietary format, Snowflake-managed |
| Compute Model | Elastic Spark clusters (your cloud) ★ | Virtual warehouses (Snowflake infra) |
| Pricing Model | DBU-based (Databricks Units) | Credit-based |
| SQL Support | Good (Databricks SQL) | Excellent (native SQL warehouse) ★ |
| Python / Notebooks | Native (Spark, Databricks notebooks) ★ | Snowpark (improving) |
| ML / AI Platform | Mosaic AI (MLflow, DBRX, Feature Store) ★ | Cortex AI, Arctic LLM, Snowpark ML |
| Streaming Data | Native (Spark Streaming, Delta Live Tables) ★ | Snowpipe (batch-oriented) |
| Open Source | Delta Lake, MLflow, Apache Spark ★ | Minimal OSS contribution |
| Data Sharing | Delta Sharing (open protocol) | Snowflake Data Marketplace ★ |
| BI / Analytics UX | Good (SQL Warehouses + BI tools) | Excellent (zero-copy cloning, time travel) ★ |
| Multi-cloud | AWS, Azure, GCP ★ | AWS, Azure, GCP |
| Vendor Lock-in Risk | Low (open formats) ★ | High (proprietary storage) |
| Ease of Setup | Moderate (more config) | High (managed, simple) ★ |
| CEO | Ali Ghodsi | Sridhar Ramaswamy |
| Employees (est.) | ~6,000 | ~7,000 ★ |
| Key Customers | Apple, Comcast, Shell, NVIDIA | Capital One, JetBlue, DoorDash |
| GAAP Profitable | Not disclosed | Not yet (improving) |
Platform Capabilities: Side by Side
Both platforms have expanded beyond their original focus — here's where each stands on core capabilities entering 2026.
Databricks Platform
Snowflake Platform
Investment Case: Bull & Bear
Databricks — Bull Case
50% ARR Growth IPO Candidate AI Native- $2.4B ARR growing 50%+ YoY — fastest-growing data platform at scale. Revenue trajectory puts Databricks on path to $5B+ ARR by 2026.
- Open-source strategy (Delta Lake, MLflow, Spark) created the largest data engineering ecosystem — massive developer adoption de-risks platform stickiness
- Mosaic AI (acquired 2023 for ~$1.3B) gives Databricks the best ML training and inference platform outside hyperscalers
- At $62B private, IPO at 10–15x revenue would put Databricks at $60–90B — reasonable relative to Snowflake's comparable stage valuation at IPO
- Lakehouse architecture is winning — even Snowflake is adding Iceberg/open format support, validating Databricks' thesis
Snowflake — Bull Case
Public / Liquid $3.6B Revenue Data Network Effects- Publicly traded with $3.6B revenue and ~29% YoY growth — a proven, liquid investment vs Databricks' private illiquidity
- Data Marketplace creates network effects — the more customers share data on Snowflake, the more valuable the platform becomes for everyone
- Sridhar Ramaswamy (ex-Google SVP, Neeva CEO) brings fresh AI leadership — Cortex AI and Arctic LLM show credible enterprise AI pivot
- Trading at a discount to its 2021 peak — investors who believe in the long-term data platform thesis can buy at a fraction of prior highs
- Net Revenue Retention ~130% — existing customers keep spending more, showing strong product-market fit with enterprise base
Databricks — Bear Case
Private Illiquidity Profitability Unknown- Not public — secondary market access is limited, pricing opaque, and exit timeline uncertain. Each year of IPO delay extends the lock-up
- Profitability is undisclosed. For a $62B company raising $4.5B+ in funding, the burn rate could be substantial
- Hyperscaler competition: AWS (EMR, Glue), Azure (Synapse, Fabric), Google (BigQuery, Vertex) all compete with Databricks using bundled pricing
- Complexity risk — Databricks is powerful but harder to operate than Snowflake. IT teams with limited data engineering resources may prefer Snowflake's simplicity
Snowflake — Bear Case
Growth Slowing Competition Intensifying- Revenue growth slowed from 100%+ in 2021 to ~29% in FY2025 — while still healthy, the deceleration is the core bear case
- Proprietary storage format creates lock-in that's increasingly unpopular — customers prefer open formats (Delta, Iceberg), and Snowflake is being forced to adopt them
- Databricks' SQL warehouse (Databricks SQL) has improved rapidly, eating into Snowflake's core SQL analytics use case
- CEO turnover (Frank Slootman replaced Feb 2024) created uncertainty; the AI pivot under Ramaswamy is real but Snowflake is not a native AI company
Databricks IPO: When and What to Expect
Snowflake is already public. The focus here is on the Databricks IPO — one of the most-anticipated tech offerings of 2025–2026.
Databricks IPO Outlook
No S-1 Filed YetDatabricks has been "IPO-ready" for years but has consistently chosen private funding instead. In June 2024, it raised a $15B Series J — a signal that the company can raise at favorable terms privately, reducing IPO urgency.
With $2.4B ARR growing 50%+ and a $62B valuation, an IPO at 15–20x ARR would price Databricks at $36–48B — below its private valuation, suggesting the company will wait for a better market window or higher ARR to justify the step-up. CEO Ali Ghodsi has confirmed IPO intent but no timeline. Most analysts expect 2026 or 2027.
Snowflake: Already Public
NYSE: SNOW · Since 2020Snowflake went public in September 2020 at $120/share, briefly hitting $400+ in 2021 before retreating significantly. As of 2026, shares trade well below peak levels but the company continues to grow revenue and improve operating metrics.
The key investor question for Snowflake is not "will it IPO" but "can it re-accelerate growth?" The AI product expansion (Cortex, Arctic) and Ramaswamy's leadership are being closely watched. Snowflake is a long-duration growth bet on enterprise data infrastructure.
The Verdict: Complement, Don't Choose
For your data stack: If you run heavy ML/AI workloads, have a strong data engineering team, and value open formats — Databricks. If you're SQL-first, analyst-heavy, or sharing data across organizations — Snowflake. The real answer for most large enterprises is both, running in their respective lanes.
For investors: Databricks is the pre-IPO opportunity — $134B private valuation with $2.4B ARR growing 50%+ and an H1 2026 IPO target. Watch for the S-1 filing. Snowflake is the liquid play — a real revenue machine trading at a discount to its peak, with an AI pivot underway. Track the Databricks IPO →
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