1 2 月 16 日， Databricks 宣布完成 超过 40 亿美元 融资，投后估值 1340 亿美元 ；本轮由 Insight Partners 、 Fidelity Management & Research 、 J.P. Morgan Asset Management 领投， Andreessen Horowitz 、 BlackRock 、 Blackstone 等参与。公司表示，本轮距离上一轮融资（当时估值 约 1000 亿美元 ）不到半年。经营数据方面，公司披露其第三季度对应的 年化营收规模超过 48 亿美元 ，同比增长 超过 55% ；同时称其 AI 相关 产品与数据仓库业务的 年化收入规模均超过 10 亿美元 ，并在过去 12 个月实现 自由现金流为正 。 02 为什么是 Databricks? 十年前， 真正能拉开差距的往往是资本和规模：前者支撑持续投入，后者沉淀为渠道、产能、销售体系与品牌。 今天这套逻辑仍有效，但不够。越来越多行业的领先来自两类新资源： 数据和人才。数据决定产品迭代、客户理解与运营效率；人才决定数据能否被 转化为决策与业务结果。 现实问题是，很多企业仍用上个周期的数 ...

Core Insights - MongoDB Inc. reported third-quarter financial results that exceeded expectations, with revenue of $628.31 million and adjusted earnings of $1.32 per share, surpassing analyst estimates of $591.52 million and $0.80 per share respectively [1][2] Financial Performance - The company experienced a year-over-year growth of 30% in its Atlas platform, contributing to strong overall performance and margin outperformance [2] - For the fourth quarter, MongoDB expects revenue between $665 million and $670 million, exceeding estimates of $625.12 million, and adjusted earnings guidance is set between $1.44 and $1.88 per share, compared to estimates of $0.93 per share [3] Future Guidance - MongoDB raised its fiscal 2026 revenue guidance to a range of $2.43 billion to $2.44 billion, up from the previous range of $2.34 billion to $2.36 billion, while analysts had anticipated $2.36 billion [4] - The adjusted earnings guidance for fiscal 2026 was also increased from $3.64 to $3.73 per share to a new range of $4.76 to $4.80 per share, compared to estimates of $3.71 per share [4] Stock Performance - Following the earnings announcement, MongoDB shares rose by 23.6%, trading at $406.50 [4] Analyst Ratings and Price Targets - Multiple analysts adjusted their price targets for MongoDB, with notable increases from Piper Sandler ($400 to $490), Needham ($365 to $480), and others, reflecting a generally positive outlook on the stock [5][7]

Core Insights - Investing in stocks with improving fundamentals and increasing exposure to enterprise AI is a smart strategy for long-term investors [1] - Snowflake's shares have gained nearly 60% in 2025 but remain 39% below their peak in November 2021 [1][2] Company Evolution - Snowflake has transitioned from a data warehousing company to an AI-powered data platform, positioning itself as a vital layer in the AI ecosystem [2] - The company’s revenue model is based on platform usage, which aligns interests but can lead to revenue volatility [4] Financial Performance - In Q2 of fiscal 2026, Snowflake's revenue increased by 32% year over year to $1.1 billion, with remaining performance obligations rising by 33% to $6.9 billion [7][8] - The company is not yet profitable on a GAAP basis but has shown a decline in losses, with a non-GAAP operating margin improvement of six percentage points to 11% [8] Customer Growth and AI Integration - Snowflake's AI Data Cloud is utilized by over 12,000 customers, including major technology enterprises [9] - The company added 533 customers in Q2, including 15 Global 2000 companies, and has 654 high-value customers contributing over $1 million [10] Innovations and Features - New features like Snowflake Intelligence and Cortex AI SQL enhance data management and insights generation [11][12] - Snowflake OpenFlow targets the $17 billion data integration market, enabling seamless data handling [14] Market Position and Valuation - Snowflake's shares trade at 20.4 times sales, justified by its critical role in AI infrastructure [17] - Analysts project revenue growth of 27.1% to $4.6 billion in fiscal 2026 and 23.8% to $5.7 billion in fiscal 2027 [19] Future Outlook - The partnership with Palantir Technology enhances data interoperability and accelerates enterprise AI development [18] - Analysts expect significant market capitalization growth, potentially reaching $116.28 billion by the end of fiscal 2027, indicating a 38% gain [20]

Core Insights - Snowflake (SNOW) and MongoDB (MDB) are prominent cloud-native data platform providers, with Snowflake focusing on enterprise data warehousing and analytics, while MongoDB is favored for flexible database solutions [1] - The database market is projected to grow from $150.38 billion in 2025 to $292.22 billion by 2030, with a CAGR of 14.21%, presenting significant growth opportunities for both companies [2] Snowflake (SNOW) Analysis - Snowflake has a net revenue retention rate of 126% as of January 31, 2025, indicating strong customer adoption and usage [3] - The number of customers generating over $1 million in revenue increased from 455 to 580 between January 31, 2024, and 2025 [3] - New products like Apache Iceberg and ML functions are attracting new clients, with features such as interoperability gaining traction [4] - In April 2025, Snowflake enhanced its AI Data Cloud by integrating with Apache Iceberg, improving query performance and security [5] - Over 4,000 customers utilize Snowflake's AI and ML technology weekly, supported by partnerships with major companies like Amazon and Microsoft [6] MongoDB (MDB) Analysis - MongoDB's growth is driven by strong product innovation and the adoption of its Atlas platform, which accounted for 71% of total revenues in Q4 2025 [7] - The company is enhancing its offerings with AI-driven applications and integrating vector and text search capabilities [8] - The acquisition of Voyage AI in February 2025 bolsters MongoDB's AI capabilities [9] - MongoDB's customer base grew to over 54,500 by the end of Q4 2025, adding approximately 1,900 customers in that quarter [10] Stock Performance and Valuation - Year-to-date, SNOW shares have declined by 5.3%, while MDB shares have dropped by 31.8%, attributed to a challenging macroeconomic environment [11] - SNOW shares are trading at a forward Price/Sales ratio of 10.25X, compared to MDB's 5.47X, indicating that both stocks are currently overvalued [14] - The Zacks Consensus Estimate for SNOW's fiscal 2026 earnings is $1.14 per share, reflecting a 37.35% year-over-year increase, while MDB's estimate is $2.66 per share, showing a 27.32% year-over-year decrease [17] Conclusion - Snowflake's expanding client base and robust portfolio make it attractive for long-term investors, while MongoDB faces near-term challenges despite its innovation and growth [18]