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Databricks just closed one of the largest funding rounds ever, raising a staggering $10 billion in fresh capital. As such, it’s no surprise that technology investors were quick to ask what this means for the company’s highly anticipated IPO. During an event in San Francisco on Tuesday night, Databricks CEO recently spoke about why his company won’t be going public anytime soon.
In a candid conversation, Ghodsi explained that he believes it would be unwise to list his company on the stock market at present. He cited the current AI bubble as the primary reason for this decision, stating that “it’s peak AI bubble. It doesn’t take a genius to know that a company with five people which has no product, no innovation, no IP – just recent grads – [is not] worth hundreds of millions, sometimes billions.”
The Databricks CEO didn’t clarify what startups he was referring to when discussing the overvaluation of certain AI-focused companies. However, it’s clear that his company is not among them. Instead, Ghodsi emphasized his confidence in his company’s ability to weather any storm and maintain its current valuation.
He believes that data and AI will continue to play a slightly more important role in people’s lives every year, and as such, he thinks Databricks is well-positioned to fill this niche.
Source: techcrunch.com
