Clear Street, a cloud-native brokerage founded in 2018, is now allowing accredited investors to buy shares in Databricks before its public market debut. The offering follows Databricks signing a term sheet on July 16 valuing it at $188B. Databricks’ latest strategic funding round is expected to raise approximately $3B, led by Coatue Management, marking a jump from its previous valuation of roughly $134B. Databricks may delay its public listing to 2027. Clear Street plans to offer access to Databricks shares through the secondary market, alongside shares in 30 additional private companies by the end of the year. Databricks’ revenue run-rate now exceeds $5B. Clear Street raised funding that gave it a $12B valuation in January 2026, filed for a US IPO in February 2026 targeting $1.05B in proceeds, then pulled the listing due to unfavorable market conditions. Platforms like Forge Global and EquityZen have facilitated secondary trades for years, and Clear Street’s entry signals the market is maturing. Risks include illiquid, opaque pre-IPO shares priced on limited information; a $188B valuation for a company with a $5B-plus revenue run-rate implies a roughly 37x revenue multiple. If Databricks delays its IPO to 2027 and market conditions deteriorate, investors could face paper losses with no easy exit.