Databricks Raises $5B Again; Defense, AI Coding Lead Weekly Megadeals

Databricks led the week's funding announcements with a $5 billion raise that values the San Francisco-based data platform at $190 billion. The round was led by Coatue and included participation from Blackstone, MGX, T. Rowe Price, and new investor Sixth Street Growth. This marks the company's second $5 billion raise in eight months—a sign of accelerating capital consumption and valuation growth. Databricks disclosed that it has surpassed a $7 billion revenue run rate with more than 80% year-over-year growth in Q2. The company previously announced a $4.8 billion revenue run rate in December 2025, when its valuation stood at $134 billion. Over its 13-year history, Databricks has raised around $25 billion in total funding.

The week's second-largest round went to River AI, a Palo Alto–based startup founded earlier this year that raised $1.1 billion across seed and Series A rounds. AMP PBC and General Catalyst led the round, with strategic investment from Nvidia and AMD Ventures. River AI's founder, Igor Babuschkin, previously worked at Google DeepMind, OpenAI, and xAI over the past decade. The company aims to build personalized AI systems trained directly on what a company or person needs to accomplish, giving end users control over the technology. Third place went to Form Energy, a Massachusetts-based company that raised $750 million in a Series G led by T. Rowe Price. Form Energy builds 100-hour batteries for grid electricity storage; the round included backing from Blindspot Ventures, Breakthrough Energy Ventures, Energy Impact Partners, GE Vernova, Gigascale Capital, NGP Energy Technology Partners, Prelude Ventures, and the TPG Rise Climate Fund.

Defense technology attracted significant capital as well. Neros Technologies, a Los Angeles-based defense drone manufacturer and interceptor founded in 2023, raised $250 million in a Series C led by American Strategic Technology Fund and Sequoia Capital. The company has now raised $370 million to date and announced plans to build 1 million drones per year by 2028. It already has contracts with the U.S. military and half a dozen allied countries across Europe, Asia, and the Middle East. CodeRabbit, an AI code review platform, followed with $143 million in Series C funding led by London-based Atomico and Los Angeles' Smash Capital. The Walnut Creek, California–based company has deployed its open-source AI code review technology to 150,000 open-source projects and serves 17,000 customers. The company plans to open a London office based on customer demand in Europe.

Other notable U.S. rounds included Point2 Technology ($136 million Series B extension for AI data center networking), Bridge to Life ($110 million Series C for organ preservation technology), Aureka Biotechnologies ($100 million Series B for AI-native drug discovery), PointsKash ($100 million in private equity funding for a loyalty rewards app), and Epicrispr Biotechnologies ($90 million Series C for genetic medicines). Outside the U.S., Lovable, a Stockholm-based company that offers automated application development, raised $400 million in a Series C led by EQT and Menlo Ventures, valuing it at $13.3 billion. The company reported 900 million visits per month and 60 million projects created, up from a $6.6 billion valuation in its December 2025 Series B. Cambridge Aerospace, a U.K. defense tech company founded in 2023, raised $300 million in a Series C led by DFJ Growth and has since secured a commitment from the U.K. Ministry of Defence to purchase its Skyhammer air defense system for intercepting drones and low-speed missiles.