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“It’s dumb to IPO this year”: Databricks CEO explains why he’s waiting to go public
Databricks has just closed one of the largest funding rounds ever, raising a staggering $10 billion in fresh capital. As a result, investors were quick to ask about the company’s highly anticipated IPO plans. In an interview, Databricks’ CEO explained that it would be unwise for his company to go public this year.
The CEO emphasized that he believes the current market conditions are characterized by a bubble in AI valuations. He pointed out that numerous startups with little to no product, innovation, or intellectual property have achieved billion-dollar valuations simply because they’re working in the AI space. According to him, this is not sustainable and will eventually burst.
The CEO is adamant that his company’s valuation can withstand any market fluctuations due to its unique offering and competitive advantage. He also revealed that Databricks has already won a major battle with rival Snowflake through an initiative called “SnowMelt”, which reportedly involved poaching Snowflake’s customers.
Databricks is now focusing on developing products that directly compete with industry giants like Salesforce and Microsoft, leveraging the growing importance of data and AI in people’s lives.
Source: techcrunch.com
