Databricks is raising new funding at a $188 billion valuation, up from the $134 billion it reached in December 2025. Two weeks later, Progress Software agreed to buy Domo's operating business for $400 million, and Microsoft was named a Leader in Gartner's 2026 Magic Quadrant for Analytics and Business Intelligence Platforms for the nineteenth straight year. Three different moves, the same underlying pressure: the data platform market is being reshaped around AI-native infrastructure faster than most vendors can organically build it.
Databricks raises at $188 billion to fund AI infrastructure
Databricks announced on July 16 that it is raising a strategic round at a $188 billion valuation, led by existing investor Coatue (Databricks, 2026). The company has not disclosed the exact amount raised, though the round is reported at roughly $3 billion, and Databricks says it has signed a term sheet with the round expected to close later in the summer (Databricks, 2026; TechCrunch, 2026).
Databricks said the capital will go toward three specific products: Unity AI Gateway, its tool for governing and controlling the cost of AI usage across an enterprise; Genie, its data-querying assistant; and Lakebase, its serverless Postgres database built for AI agents (Databricks, 2026). The company also said the funding is expected to support future AI acquisitions.
The jump from $134 billion in December to $188 billion seven months later reflects investor appetite for the infrastructure layer underneath enterprise AI deployments specifically, not just general data warehousing and analytics.
Progress Software buys Domo's platform for $400 million
On July 22, Domo's board approved a definitive agreement to sell substantially all of its assets, including its platform, technology, customer contracts and employees, to Progress Software for $400 million in cash (Domo, 2026). At closing, Domo will retain net cash of approximately $246 million, or $4.84 per share, an 81% premium over its 30-day volume-weighted average price, along with more than $900 million in tax-loss carryforwards that stay with the shell company rather than transferring to Progress (Domo, 2026).
The deal brings Progress a customer base of more than 2,400 enterprises and is expected to close before the end of Progress's fiscal year on November 30, 2026, subject to regulatory approval (Domo, 2026).
Domo built a business intelligence platform in an era when standalone BI tools competed on dashboards. This transaction tests whether that kind of platform holds its identity and customer base once folded into a larger infrastructure portfolio, or whether it becomes a feature line inside Progress's broader product set.
Microsoft holds its BI ranking as competitors reposition around AI
Gartner published its 2026 Magic Quadrant for Analytics and Business Intelligence Platforms on June 29, naming Microsoft a Leader for the nineteenth consecutive year, based on Power BI and Microsoft Fabric (Microsoft, 2026).
Microsoft's own framing of the win leans on Fabric bringing semantic models, Copilot-based query experiences and governance into a single platform rather than separate BI, warehousing and integration tools (Microsoft, 2026). That is the same consolidation logic driving the Databricks and Progress-Domo moves: vendors are betting that customers want fewer, more tightly integrated platforms rather than best-of-breed tools stitched together.
What to watch next
Databricks' round is expected to close later this summer; the final raised amount and full investor list, not yet disclosed as of this writing, will show how much capital the market is willing to put behind AI-native data infrastructure specifically. The Progress-Domo deal's close, expected by November 30, will be the first test of whether Domo's 2,400 enterprise customers stay through the transition.
Sources
- Databricks, "Databricks is Raising a Strategic Round of Funding at a $188 Billion Valuation" - https://www.databricks.com/company/newsroom/press-releases/databricks-raising-strategic-round-funding-188-billion-valuation
- TechCrunch, "Databricks hits $188B valuation, extending its run as AI's favorite second act" - https://techcrunch.com/2026/07/17/databricks-hits-188b-valuation-extending-its-run-as-ais-favorite-second-act/
- Domo, "Domo Announces Agreement to Sell Substantially All Assets and Certain Liabilities to Progress Software for $400 Million" - https://www.domo.com/news/press/domo-announces-agreement-to-sell-substantially-all-assets-and-certain-liabilities-to-progress-software-for-400-million
- Microsoft (Fabric Community Blog), "Microsoft named a Leader in the 2026 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms" - https://community.fabric.microsoft.com/t5/Power-BI-Updates-Blog/Microsoft-named-a-Leader-in-the-2026-Gartner-Magic-Quadrant-for/ba-p/5262403