The biggest threat to SaaS isn’t that companies will delete Salesforce or SAP overnight.

It’s that the interface disappears.

As AI turns software into something you talk to — instead of click through — the old moat of specialized user training starts to erode. Millions of people once built careers mastering specific UIs. In an LLM-first world, those products fade into the background like plumbing.

Databricks is leaning into that future. Beyond its data warehouse, it launched Lakebase, a database designed specifically for AI agents. Eight months in, it’s already generating 2× the revenue Databricks’ original warehouse did at the same age.

Backed by a $134B valuation, a $5B funding round, and a $2B loan facility, Databricks isn’t rushing toward an IPO. It’s stockpiling runway — and building for a world where software is invisible, but infrastructure matters more than ever.