$250 million. That is the new annualized revenue run rate for ClickHouse. Tripled from last year.
Yury Izrailevsky told TechCrunch the number isn’t slowing down. He expects to hit high-nine figures before the calendar flips.
That growth is aggressive. Especially considering the company isn’t even five yet.
They are valued at $15 billion right now. That came with a $400M Series D round led by Dragoneer. A 60x revenue multiple? Steep. Some would call it risky. Others just call it tech 2025.
The IPO talk is getting loud. Izrailevsey thinks a public debut is coming soon.
Why wait?
SpaceX just showed the window is wide open in June. OpenAI and Anthropic are lining up later this year. The floodgates feel ready to break.
ClickHouse is preparing for that stage.
Last fall they brought on Jimmy Sexton. He ran IR at Snowflake. A direct competitor. Hiring a CFO with public market experience is rarely accidental. It is a signal.
They are buying too.
Six acquisitions already. Langfuse is the most notable recent one, helping devs track AI agents. Izrailevski isn’t done shopping. He wants “young” startups with promising tech. Open source preferred. If it complements the core suite they scoop it up.
The roots of ClickHouse go deep. Seventeen years. Developed inside Yandex in Russia. Spun out in 2021 to go it alone.
The roster of users reads like a roll call of the current era. Meta. Capital One. Anthropic. Decagon. Over 4,000 clients in total.
The engine handles massive datasets. Specifically the kind AI agents eat for breakfast.
Here is the kicker on the business model.
They sell managed cloud services. The open source version is free, obviously. But Izrailevsk claims paying them actually costs you less than running it yourself.
It is something that is a little counterintuitive, but we see it as a tailwind.
It sounds like a sales pitch. Until you see the ledger. The managed service is cheaper for the client than self-hosting the complexity.
It works.
The money is coming in. The valuation is high. The exit path is paved by competitors who just got rich going public.
There is a lot of noise about whether the IPO window can support these multiples. Whether the market will tolerate a 60x premium when the macro picture shifts.
Izrailevsk isn’t worried about the math. He is worried about building.
The revenue tripled. The valuation followed. The IPO is a plan, not a guarantee. But for a company that started in a Russian search giant’s basement and now counts Meta as a customer… the trajectory is undeniable.
Or maybe it’s just a bubble with good branding.
We’ll see when the prospectus drops. Until then they are just stacking more startups into their portfolio and charging companies to do their work for them. Cheaper that way.
Funny how that works.
