---
title: "Two Data Giants, One Revenue Milestone"
description: "Databricks forecast $4B revenue for FY2026 while Snowflake achieves $4.116B LTM. Nearly identical big customer counts (650 vs 654) but divergent growth trajectories \u0026 valuations in the AI-driven data platform race."
categories: ["data","analysis","startups"]
keywords: ["Databricks","Snowflake","data platforms","revenue growth","AI-driven analytics","venture capital","SaaS comparison","data industry trends","customer retention metrics"]
ai_summary: "Databricks and Snowflake reach $4B revenue milestones, showcasing divergent growth and valuation in the data platform sector."
date: 2025-09-08
lastmod: 2026-07-28
canonical_url: https://www.tomtunguz.com/databricks-center-ai/
author: "Tomasz Tunguz"
---

$4b in revenue run-rate. There are two data giants both now at this mark after [Databricks announced it surpassed the threshold.](https://www.databricks.com/company/newsroom/press-releases/databricks-surpasses-4b-revenue-run-rate-exceeding-1b-ai-revenue)

This is an opportunity to compare the two leading data companies at a revenue intersection.

## Head-to-Head Comparison

<table style="width: 100%; border-collapse: collapse; margin: 20px 0;">
  <thead>
    <tr style="border-bottom: 2px solid #ddd;">
      <th style="text-align: left; padding: 12px; font-weight: bold;">Metric</th>
      <th style="text-align: right; padding: 12px; font-weight: bold;">Databricks</th>
      <th style="text-align: right; padding: 12px; font-weight: bold;">Snowflake</th>
    </tr>
  </thead>
  <tbody>
    <tr style="border-bottom: 1px solid #eee;">
      <td style="padding: 12px; font-weight: bold;">Revenue Run Rate</td>
      <td style="text-align: right; padding: 12px;">$4.0B</td>
      <td style="text-align: right; padding: 12px;">$4.1B</td>
    </tr>
    <tr style="border-bottom: 1px solid #eee;">
      <td style="padding: 12px; font-weight: bold;">$1M+ Customers</td>
      <td style="text-align: right; padding: 12px;">650</td>
      <td style="text-align: right; padding: 12px;">654</td>
    </tr>
    <tr style="border-bottom: 1px solid #eee;">
      <td style="padding: 12px; font-weight: bold;">Net Dollar Retention</td>
      <td style="text-align: right; padding: 12px;">140%</td>
      <td style="text-align: right; padding: 12px;">125%</td>
    </tr>
    <tr style="border-bottom: 1px solid #eee;">
      <td style="padding: 12px; font-weight: bold;">YoY Growth Rate</td>
      <td style="text-align: right; padding: 12px;">50%</td>
      <td style="text-align: right; padding: 12px;">28%</td>
    </tr>
    <tr style="border-bottom: 1px solid #eee;">
      <td style="padding: 12px; font-weight: bold;">Valuation</td>
      <td style="text-align: right; padding: 12px;">$100B</td>
      <td style="text-align: right; padding: 12px;">$75.9B</td>
    </tr>
    <tr style="border-bottom: 1px solid #eee;">
      <td style="padding: 12px; font-weight: bold;">Market Status</td>
      <td style="text-align: right; padding: 12px;">Private</td>
      <td style="text-align: right; padding: 12px;">Public</td>
    </tr>
    <tr>
      <td style="padding: 12px; font-weight: bold;">AI Revenue</td>
      <td style="text-align: right; padding: 12px;">$1B</td>
      <td style="text-align: right; padding: 12px;">Not disclosed</td>
    </tr>
  </tbody>
</table>

Both are at $4b in revenue. Each claims over 650 customers paying $1M+ annually. Each boasts strong net dollar retention (140% vs 125%).

Databricks is growing at 50% compared to Snowflake's 28% & in the private market trades at a premium for that growth rate. [Snowflake has reaccelerated](https://tomtunguz.com/snow-earnings-2025-08-28/) but it was about a year later than [Databricks.](https://tomtunguz.com/databricks-growth-2024/)

Comparing the valuation to revenue-run-rate shows Databricks is trading at a 35% premium to Snowflake.[^1]

Databricks is valued at $100B privately while Snowflake trades at $75.9b publicly. In this market, every 1% of growth adds 0.3x to valuation multiple. Given Databricks' 22-point growth advantage, the 35% premium may actually understate the true difference in ultimate business size.

This premium reflects the scarcity of high-growth data platforms in public markets. There really is no equivalent to Databricks today. Palantir at 39% growth trades at 75x forward (not run-rate). Rubrik, in the [twilight of a transition from on-prem to cloud](https://tomtunguz.com/rubrik-s1/), trades at 15x forward on 44% growth.

The 35% valuation premium reflects both Databricks' superior growth & the market's bet on AI. With AI revenue already at $1B & driving concomitant compute demand, Databricks has positioned itself at the center of the most valuable trend in enterprise software.

[^1]: $100b/$4b = 25x vs $75.9b/$4.1b 18.5x