Databricks, a data analytics software vendor, said on Wednesday that it expects to generate $3.7 billion in annualized revenue by July, with year-over-year growth of 50%.

CFO Dave Conte delivered the numbers at a briefing for investors and analysts tied to the company’s Data and AI Summit in San Francisco on Wednesday. Growth in the October quarter was 60%, Databricks said in late 2024.

Databricks is one of the most highly valued tech startups, announcing in December that it raised $10 billion at a $62 billion valuation. Snowflake, its closest public market competitor, has a market cap of about $70 billion on annualized revenue of just over $4 billion, based on its latest quarter.

Conte didn’t give any indication of when Databricks might file for an IPO. On Wednesday, fintech company Chime priced its IPO, and stablecoin issuer Circle started trading on the New York Stock Exchange last week.

Databricks had $2.6 billion in revenue in its fiscal year that ended in January, with a net retention rate exceeding 140%, unchanged from last year. In the first quarter of the new fiscal year, nearly 50 of Databricks’ 15,000-plus customers were spending over $10 million annually, Conte said.

“We want to combine good revenue growth and good product velocity with profitability,” Conte said.

The company has roughly 8,000 employees. Earlier on Wednesday, Databricks CEO Ali Ghodsi said the company is hiring 3,000 people in 2025. Databricks was close to being free cash flow positive for the first time in the most recent fiscal year, Conte said.

In addition to Snowflake, competition also comes from cloud providers that sell their own data warehousing software.

Also on Wednesday, Databricks announced a preview of Lakebase database software drawing on technology from its recent $1 billion acquisition of startup Neon. Lakebase stands to expand the size of Databricks’ market opporunity, Conte said.

Databricks ranked third on CNBC’s newly release 2025 Disruptor 50 list, behind only Anduril and OpenAI.

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Elon Musk’s official role in the Trump administration recently came to an end. Many Republicans won’t be sad to see less of him, according to the results of Quinnipiac University’s latest public opinion survey.

While a majority of Republicans still hold a favorable view of Musk, the number fell to 62% in the poll out Wednesday, down from 78% in March, Quinnipiac said.

Overall, the Quinnipiac poll found that 30% of self-identified voters surveyed in the U.S. hold a favorable opinion of Musk, according to polling from June 5 to June 9. Republican and Democratic voters remain deeply divided in their views of the world’s richest man, who contributed nearly $300 million to propel President Donald Trump back to the White House.

Only 3% of Democrats surveyed said they held a favorable of view of the Tesla CEO, who was once seen as an environmental leader appealing to liberal values.

Musk didn’t respond to a request for comment.

Musk and Trump had a very public falling out last week that started with Musk’s disapproval of the president’s spending bill and escalated into an all-out war of words that played out on social media. Musk said on Wednesday that he regretted some of the posts he made about Trump last week, adding that “they went too far.”

Even with a slide in his favorability, Musk is still popular among Republicans after his time running the Department of Government Efficiency (DOGE), an effort to dramatically slash the size of the federal government.

Among the Republican respondents to the early June poll, 80% rated Musk and DOGE’s work as either excellent or good, while 13% said it was either not so good or poor. In the March poll, 82% of Republicans surveyed said they thought Musk and DOGE were helping the country.

Read the full survey results here.

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Oracle shares rose about 8% in extended trading on Wednesday after the software maker reported results that exceeded Wall Street estimates and signaled that cloud growth is accelerating.

Here’s how the company did in comparison with LSEG consensus:

• Earnings per share: $1.70 adjusted vs. $1.64 expected
• Revenue: $15.9 billion vs. $15.59 billion expected

Revenue increased 11% during the fiscal fourth quarter, which ended on May 31, according to a statement. Net income rose to $3.43 billion, or $1.19 per share, from $3.14 billion, or $1.11 per share, in the same quarter last year.

CEO Safra Catz said in the statement that cloud infrastructure revenue will increase by more than 70% in the 2026 fiscal year, up from growth of 52% in the quarter.

The company said revenue from cloud services and license support totaled $11.7 billion, topping the $11.59 billion consensus from analysts polled by StreetAccount. Cloud and on-premises license revenue of $2.01 billion was above StreetAccount’s $1.82 billion consensus.

During the quarter, Oracle announced a partnership with Cleveland Clinic and G42, the United Arab Emirates’ artificial intelligence holding company, on an AI delivery platform for health care. Oracle also announced cloud and consulting commitments with IBM. And SoftBank said it would acquire Oracle-backed chip design startup Ampere for $6.5 billion.

Capital expenditures for the 2025 fiscal year exceeded $21 billion, compared with less than $7 billion in fiscal 2024.

As of Wednesday’s close, Oracle shares were up 6% for the year, while the S&P 500 index was up 2%.

Executives will issue guidance and discuss the results with analysts on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

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