Following its first Mirror Token for securities tied to the price of shares in SpaceX (rSpaceX), Republic is now selling securiites that are referenced to Databricks (rDBRCK), an artificial intelligence (AI) platform that recently raised a significant funding round.
The offering is available on both the US facing platform as well as Republic Europe (Mirror Note). The debt security enables investors to gain access to the performance of shares in Databricks. The minimum commitment is small as it is only £20 in the UK and $50 in the US. In the US, the offering is only available for Accredited Investors, as Republic decided against using Reg CF to list the security.
Databricks is AI platform that provides a foundation for organizations that is aligned with its unique characteristics. Databricks aims to unify data and AI on a collaborative platform that integrates generative AI and LLM models, to support innovation and provide real time solutions. If this sounds amorphous, fear not as over 15,000 companies have been convinced to use Databricks including companies like Block, Shell, Rivian and many Fortune 500 firms.
A recent funding round gave Databricks a valuation of around $1 billion. In June, Databricks reported it was on track to generate $3.7 billion in annual revenue. In September, that number was increased to over $4 billion.
An investor in the Databricks offering on Republic would expect the valuation to continue moving higher, perhaps with an eventual initial public offering.
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