IMPLICATOR
Supabase raised $500 million in a Series F that values the open-source database company at $10.5 billion, the company said Thursday, less than a year after it was valued at $5 billion in October. Singapore's sovereign wealth fund GIC led the financing, Stripe invested for a second time, and Salesforce Ventures and Georgian came in as new backers. The raise pushes total capital past $1 billion.
Supabase declined to disclose revenue at its October round, Fortune reported, and named no figure this week either. The markup ran on usage. Database launches on the platform grew 600% over the past year, chief executive Paul Copplestone said, and more than 60% of new databases are now started by an AI coding tool rather than a person, with Anthropic's Claude Code the largest single source. The $10.5 billion rests on a wager that the apps agents spin up tonight become the paying workloads of next year.
The financing is set at a $10 billion pre-money valuation, with the new capital bringing it to $10.5 billion. Copplestone named liquidity for employees as one of three uses of the round, alongside supporting growth and accelerating open-source Postgres tooling. Employee liquidity typically funds a secondary sale, in which existing shares change hands rather than new money reaching the company's operations.
Key Takeaways
- Supabase raised $500 million at a $10.5 billion valuation, double its $5 billion mark from October, in a round led by Singapore's GIC.
- The valuation runs on usage, not disclosed revenue: database launches grew 600%, and AI tools now start more than 60% of them.
- Anthropic's Claude Code is the single largest source of new databases, concentrating Supabase's growth on one outside vendor.
- Databricks paid about $1 billion for Neon, whose telemetry showed agent-created databases are mostly ephemeral.
AI-generated summary, reviewed by an editor. More on our AI guidelines.
Claude Code is the largest single source
"Demand for Supabase is exploding," Copplestone said in announcing the round. "Our user base has more than doubled since the Series E, and we've seen a 600% increase in databases year-over-year. Claude Code is the largest contributor since the start of the year. Agents are now deploying the majority of databases on our platform." Nearly 10 million developers now build on Supabase, the company said, more than double the figure from eight months earlier, alongside 250,000 customers and roughly 350 employees. Supabase for Platforms, which hosts other companies' AI app builders, grew its customer base 370% in six months.
That growth carries concentration risk. Claude Code is Supabase's largest single source of new databases this year, which gives Anthropic's coding-agent trajectory outsized influence over Supabase's own usage curve, and ties the company to the staying power of a coding style barely two years old. Implicator examined the same supplier-becomes-rival dynamic a year ago, before agents were deploying the majority of anyone's databases.
What Databricks paid for Neon
Databricks bought Neon, a serverless-Postgres startup with the same agent-driven profile, in May 2025; the Wall Street Journal put the price at about $1 billion. Neon disclosed at the time that the share of its databases created automatically by AI agents, rather than by humans, had risen from 30% to more than 80% as the product reached general availability. Those instances spin up in under 500 milliseconds and are built to be branched, forked and discarded, which keeps their cost proportional to the queries they actually run, the company said.
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Supabase's headline metric counts the same activity. Databases launched is a measure of machine starts, and a 600% rise in launches is not a 600% rise in production applications. Supabase did not say how many of the AI-started databases become paid, persistent workloads. Neon's profile shows why agent-created databases tend to be more experimental and shorter-lived than human-created ones, though it does not establish the share that persists on Supabase.
The three-month wall
The durability question has a growing record. Andrej Karpathy, who coined "vibe coding," framed it from the start as suited to "throwaway weekend projects." Simon Willison, the developer who has tracked the practice closely, told Ars Technica that "vibe coding your way to a production codebase is clearly risky," because most engineering work means evolving existing systems where understanding the code matters. Red Hat's developer group wrote in February that "so many vibe-coded projects hit a wall around the three-month mark," once the codebase outgrows anyone's ability to hold it in mind. Implicator reported in October that vibe-coding usage had already peaked and fallen on some platforms.
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None of that has slowed the money. Accel partner Arun Mathew, whose firm led Supabase's $200 million round at a $2 billion valuation in April 2025, called the growth rate "phenomenal" and said, "We haven't seen a company grow at this pace, certainly in the database layer, ever, ever before."
Multigres and the scale bet
Alongside the round, Supabase released an early version of Multigres, an open-source scaling layer for Postgres aimed at high availability now and Vitess-grade horizontal scaling in a future release, so teams can grow without migrating off the system. Copplestone said the goal is to let companies scale "up to the size of OpenAI or even larger." The tool is built by Sugu Sougoumarane, co-creator of Vitess, the system that scaled YouTube's databases; Supabase shipped it Thursday as a v0.1 alpha, "ready to try, but not yet production-ready," in the company's words.
The product points Supabase at the opposite end of the workload it is growing on. Multigres aims at the largest Postgres deployments, the ones Copplestone compared to OpenAI's scale, while the 600% launch figure runs on the opposite kind of activity, databases that AI tools open in bulk. Which of the two underwrites a $10.5 billion valuation is the question the next round, or the first disclosed revenue figure, will answer.
Frequently Asked Questions
How much did Supabase raise and at what valuation?
Supabase raised $500 million in a Series F at a $10.5 billion post-money valuation, set on $10 billion pre-money. Singapore's sovereign wealth fund GIC led the round, Stripe invested for a second time, and Salesforce Ventures and Georgian joined as new backers. The valuation is roughly double the $5 billion the company carried after its October round, and total capital raised now passes $1 billion.
Why is the valuation tied to vibe coding?
Supabase makes Postgres-based back-end tools that AI coding agents reach for when scaffolding apps. CEO Paul Copplestone said database launches grew 600% over the past year, more than 60% of new databases are now started by an AI tool rather than a person, and Anthropic's Claude Code is the largest single source. The valuation rests on that usage growth rather than on revenue, which Supabase has not disclosed.
What is Multigres?
Multigres is an open-source scaling layer for Postgres that Supabase released as a v0.1 alpha alongside the round. It is built by Sugu Sougoumarane, co-creator of Vitess, the system that scaled YouTube's databases. It targets high availability now and horizontal scaling in a future release, so teams can grow without migrating off Postgres. Copplestone said the goal is to let companies scale up to the size of OpenAI or larger.
What does the Neon acquisition tell us?
Databricks bought Neon, a serverless-Postgres startup, in May 2025; the Wall Street Journal put the price at about $1 billion. Neon disclosed that the share of its databases created automatically by AI agents rose from 30% to more than 80%. Those instances spin up in under 500 milliseconds and are built to be discarded, a profile suggesting much agent-driven database growth is experimental rather than durable, paid use.
Has Supabase disclosed revenue?
No. Supabase declined to disclose revenue at its October round, Fortune reported, and named no figure with this round either. The $10.5 billion valuation is set on usage metrics like database launches and developer counts rather than on disclosed financials. How many of the AI-started databases convert to paid, persistent workloads is the open question the company has not answered.
AI-generated summary, reviewed by an editor. More on our AI guidelines.
Marcus Schuler
Editor-in-Chief and founder of Implicator.ai. Former ARD correspondent and senior broadcast journalist with 10+ years covering tech. Writes daily briefings on policy and market developments. Based in San Francisco. E-mail: editor@implicator.ai
