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“It’s dumb to IPO this year”: Databricks CEO explains why he’s waiting to go public
Databricks just closed one of the largest funding rounds ever, raising a staggering $10 billion in fresh capital. Naturally, technology investors were quick to ask what this means for the company’s highly anticipated initial public offering (IPO). The answer, according to Databricks CEO, is that an IPO doesn’t make sense right now.
“It’s dumb to IPO this year,” Ghodsi said in an interview, explaining his decision to hold off on going public. When pressed for further details, he clarified that the company’s valuation would not be affected by the current market conditions.
Ghodsi believes that Databricks has already won its first major battle with another data analytics startup, Snowflake. “We had a program called ‘SnowMelt,'” he said, confirming reports of an initiative within Databricks to poach Snowflake customers. “We were going after Snowflake and we demonized them, but that’s behind us.”
The company is now focused on chasing bigger competitors with products that rival enterprise giants like Salesforce and Microsoft. Ghodsi is confident in his company’s ability to fill the growing demand for data and AI solutions.
When asked about the current state of the AI market, he emphasized that “data and AI will continue to play a slightly more important role in people’s lives every year.” He believes Databricks is well-positioned to capitalize on this trend.
Source: techcrunch.com
