Databricks 营收反超 Snowflake：AI 让非结构化数据成为关键资产
Databricks Overtakes Snowflake
Tom Tunguz 分析称 Databricks 营收已反超 Snowflake：两年前 Snowflake 每季度领先 2.2 亿美元，如今 Databricks 领先 1.2 亿美元，增速从 50% 升至 65%。
作者用季度营收交叉点和增速数据，解释 AI 如何让非结构化数据从负担变成训练资产，分析框架可迁移到类似平台竞争判断。
In short : AI transformed unstructured data from a liability into the essential training asset, enabling Databricks to overtake Snowflake in revenue despite starting later with a more complex architecture.
Databricks started later. It built a more complex architecture. It focused on unstructured data; images, documents, logs, audio. Though vast within the enterprise, this data had historically produced little insight. Too hard to process. Too messy to query. Too expensive to store in formats that mattered.
Snowflake took the opposite bet. Structured data. Clean tables. SQL queries that ran fast & returned answers executives could read. The market agreed. Snowflake went public at a $70 billion valuation. Databricks raised private rounds at half that.
Then AI arrived. Suddenly the data that was too messy to query became the data that models needed to train. Unstructured data wasn’t a liability. It was the asset.
Databricks has overtaken Snowflake in revenue. Two years ago, Snowflake led by $220 million per quarter. Today, Databricks leads by $120 million. Databricks’ growth rate is accelerating at scale, from 50% to 55% to 65% year over year. Growth rates don’t accelerate at $5 billion in revenue.
The crossover happened because AI is an architectural transition, not a feature addition.
Most enterprise data never made it into Snowflake. It sat in object storage, unstructured, waiting. Databricks built tools to use it there. No migration required.
Databricks SQL, their direct assault on Snowflake’s core business, grew from $100 million to $1 billion in under three years. AI products are growing faster still. Lakebase, their serverless database for AI agents, is six months old & already growing twice as fast as data warehousing.
Snowflake sees the threat. They’ve launched Intelligence, signed thousands of customers, inked $200 million in partnerships with OpenAI & Anthropic. CEO Sridhar Ramaswamy is betting the company can catch up.
By FY27, the gap widens further. Databricks projects $8.9 billion. Snowflake guides to $5.7 billion.
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来源：Tomer Tunguz 博客（VC 分析） · tomtunguz.com