When will Databricks go public and why not now?

We will go when the waters are more calm. Right now the public markets are going through wild swings about what AI means for software valuations. One week SaaS is dead, the next week it is a buy. That kind of volatility is not good for a company in the middle of a major transformation. We also do not need the capital. We are free cash flow break even. Unlike companies like Anthropic or OpenAI that need to raise constantly, we do not. The reason to go public eventually is the complexity of running private liquidity programs across 100 countries for 15,000 current and former employees. At some point it is simpler to just be a public company. But that point is probably another year or so away.