Vast Data Targets 2026 IPO, Bookings Near $800 Million Amid Expansion into Database Competition

Vast Data, a rapidly growing AI infrastructure company, is setting its sights on an Initial Public Offering (IPO) in 2026 or later, as it expands its competitive ambitions to include database providers like Snowflake and Databricks. The company recently reported significant financial growth, with bookings reaching nearly $800 million in the 12 months ending January 31, according to a tweet from The Information.

The New York-based firm, founded in 2016, has been building out its AI-focused data storage and management solutions. This strategic move towards a public listing follows a period of substantial private funding and valuation increases. Earlier this month, reports indicated Vast Data was in talks to raise several billion dollars in a funding round that could value the company at up to $30 billion, with CapitalG and Nvidia reportedly in discussions to participate.

Vast Data's current annual recurring revenue (ARR) stood at $200 million in January 2025, with projections to triple that figure to $600 million by 2026. The company's financial discipline and profitability, a rarity among many high-growth tech startups, are seen as key strengths. The appointment of Amy Shapero, former Shopify CFO, to Vast Data's executive team in August 2024 was widely interpreted as a preparatory step for a potential IPO, signaling the company's readiness for public market scrutiny.

While traditionally known for its high-performance, flash-based data storage solutions optimized for AI workloads, Vast Data's aspiration to compete with Snowflake and Databricks marks a strategic expansion. Snowflake and Databricks are prominent cloud-based data platforms focusing on data warehousing, analytics, and machine learning. Vast Data aims to extend its functionality further into the data processing and analytics space, potentially leveraging its "Disaggregated, Shared Everything" (DASE) architecture to offer a unified data pipeline.

The company's clientele already includes significant players in the AI sector, such as Elon Musk's xAI and CoreWeave. This strong customer base underscores its critical role in the burgeoning AI supply chain. Analysts suggest that Vast Data's proprietary software-defined flash architecture positions it as a leader in its segment, with its rising private valuation reflecting strong investor confidence in its growth trajectory and strategic direction.