The Databricks Form D Reconstruction

Executive summary

We pulled all eighteen Databricks Form D filings visible on SEC EDGAR (CIK 0001587468) and parsed the dollar amount disclosed in each filing's primary_doc.xml. The sum across just the original Form D filings (excluding amendments to avoid double-counting) is $20,498,155,965. This is the most complete and most current public reconstruction of Databricks' Reg D disclosure we're aware of.

Three findings stand out:

1. The 2024 mega-round was $8.59B, not $10B as reported in the press. The December 2024 Form D (filed 2025-01-02 with first-sale date 2024-12-17) discloses $8,589,661,278 in total amount sold. Press coverage of the so-called "Series J at $62B valuation" rounded up to $10B based on the company's announcement, but only $8.59B had been booked at the time of the Form D filing.
2. 2025 has been the busiest filing year in Databricks history. Six Form D filings closed in 2025 alone, disclosing $7.3B in cumulative new offerings — more capital disclosed in a single year than the company raised across its entire first decade (2013-2022).
3. Databricks' Form D pattern looks nothing like SpaceX's. SpaceX went silent on Reg D after August 2022 (the "tender offer era"), filing zero new Form D notices in nearly four years. Databricks, in the same window, filed nine new Form D notices disclosing $16.4B in new offerings. Two late-stage privates valued in roughly the same range, pursuing radically different disclosure strategies.

Methodology

The Form D dataset on EDGAR is structured but not pre-aggregated — each filing is an individual XML document at a per-accession URL, and SEC does not publish a roll-up sum per company. To reconstruct the total we:

1. Pulled Databricks' full filing history from the structured submissions endpoint at data.sec.gov/submissions/CIK0001587468.json.
2. Filtered to forms D and D/A (Form D amendments). All eighteen filings on file are of these types.
3. For each accession number, fetched the filing's primary_doc.xml and parsed <totalAmountSold> and <dateOfFirstSale> values.
4. Excluded Form D/A (amendments) from the headline sum to avoid double-counting prior round amounts that get reasserted in amendment filings.

Every dollar figure in this article links back to the underlying SEC filing. If our math is wrong, the underlying primary_doc.xml is one click away. We've also exposed the aggregated trajectory below in the live chart, which uses the same EDGAR pipeline behind our other company pages.

Phase-by-phase trajectory

Phase 1 (2013-2017) — Seed and Series A/B/C, $234M

Databricks' first Form D was filed September 25, 2013, disclosing $13.9M sold across a $14M offering — what would become known as the Series A. Over the next four years the company filed three more Form Ds, reaching a cumulative $234M by the August 2017 disclosure ($140M Series D). The 2013-2017 period was relatively low velocity by later standards: four filings, mostly small, with the largest individual round being $140M.

Phase 2 (2019-2021) — Scaling, $3.25B

The 2019 disclosures mark the inflection point. February 2019 brought a $250M Form D (Series E around $2.75B valuation); November 2019 another $400M (Series F). 2021 saw two back-to-back Form D filings totaling $2.6B in disclosed funding — the famous "$1.6B Series H at $38B valuation." By end of 2021, cumulative Form D disclosure had reached $3.49B.

Phase 3 (2023) — Generative AI repricing, $1.86B

After a quiet 2022, Databricks returned in September 2023 with two simultaneous Form Ds (filed same day, 2023-09-29) totaling $1.18B in new offerings, followed by a November amendment. This was the round that began to reprice the company off the back of the generative-AI boom and the MosaicML acquisition.

Phase 4 (2024-2025) — The $16B surge

The most material chapter sits in the trailing eighteen months. Six Form D filings between January 2025 and December 2025 disclose $15.92B in new offerings — by themselves more than the entire pre-2023 Databricks Form D history.

The breakdown:

• January 2025 (two filings): $8.59B + $1.57B = $10.16B disclosed. The $8.59B is the headline Series J that valued the company at $62B in press coverage. The $1.57B amendment-style second filing covers earlier 2023-2024 closings.
• September 2025 (two filings): $955M + $666M = $1.62B. A meaningful interim raise that received less press attention than the $8.59B headline.
• December 2025 (two filings): $4.08B + $23M = $4.10B. The Series K — the largest single Form D filing in Databricks' history apart from the $8.59B Series J.

The cumulative effect: cumulative Form D disclosure went from $5.36B at end of 2023 to $20.5B at end of 2025. The company quadrupled its all-time Reg D total in twenty-four months.

Comparison to SpaceX

The natural comparison is SpaceX, whose Form D reconstruction we published separately and which discloses $7.75B across 16 Form D / D-A filings 2009-2022. Three differences stand out:

1. Magnitude. Databricks' $20.5B disclosed is approximately 2.6x SpaceX's $7.75B, despite SpaceX being a much older company (2002 vs 2013) with a much larger reported private valuation ($350B vs ~$62B).
2. Recency. SpaceX's last Form D was filed August 2022 — the company has been silent on Reg D for nearly four years. Databricks filed six new Form Ds in 2025 alone.
3. Disclosure strategy. SpaceX appears to have moved primary capital formation to tender offers and other structures invisible to Form D — a pattern visible in the post-2022 silent period. Databricks has done the opposite: continued aggressive Reg D usage even at $62B-valuation scale.

The implication for investors trying to estimate "real" capital raised at any late-stage private company: Form D-based reconstructions like the SpaceX one will systematically understate total capital because a meaningful share moves to off-Form-D structures past a certain stage. Databricks shows the opposite ceiling — a company continuing to use Reg D even into the highest-valuation rounds. Both are real strategies. Both are public information. Neither is what the press headline number captures.

Every Databricks Form D, inline

Every filing date below links directly to the SEC EDGAR primary document. We list both Form D and Form D/A (amendments) — only the original Form D filings are counted in the headline total.

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Citation & reuse

This dataset is freely reusable. If you cite the $20.5B figure or any subset of the per-filing breakdown, a backlink to spcxion.com/research/databricks-form-d is appreciated but not required. Every number on this page is independently verifiable by fetching the primary_doc.xml of each filing linked in the table above.

Working on a Databricks story and need the data in CSV form? Get in touch (contact@spcxion.com) and we'll publish a Databricks CSV similar to the SpaceX one. We also welcome corrections — if your reading of any specific filing differs from ours, please send the accession number and we'll update.

Last updated 2026-05-28. Built on SPCX Ledger's generalized EDGAR Form D parser, the same pipeline that produces our other company pages. See the SpaceX companion piece and the broader pre-IPO companies tracker.