VAST Data raises $1B Series F at $30B valuation, more than tripling Series E

What's the deal? VAST Data, the data infrastructure company, has raised a $1B Series F round at a $30B valuation — more than tripling its $9B Series E from two years ago. Chief executive officer Renen Hallak shared the news in an interview with CNBC's Jon Fortt.

Hallak said VAST manages roughly half of all data-centre NAND and is tripling revenue year over year. The company also closed its first profitable year, posting a 228% Rule of 40 score — a metric that combines revenue growth and profit margin.

Why now? Demand for AI data infrastructure is surging, and VAST is riding the wave. Hallak pointed to APAC and the Middle East as the fastest-adopting regions for AI, suggesting the company's growth runway extends well beyond the US market.

He also flagged a structural supply crunch: NAND supply won't catch up with demand until around 2029, giving companies like VAST a long tailwind.

What could go wrong? A $30B valuation sets a high bar. If the NAND shortage eases sooner than expected or AI infrastructure spending cools, VAST could struggle to justify that price tag in public markets.

The signal: VAST Data's leap from $9B to $30B in two years, while turning profitable, places it among a rare class of late-growth AI infrastructure companies that have managed to combine hypergrowth with positive unit economics. With Dealroom classifying VAST as a late-growth company building an AI operating system that unifies storage, database, and compute, the round reflects investor appetite for full-stack data platforms rather than point solutions — a bet that the picks-and-shovels layer of AI will consolidate around a handful of scaled winners.

Read more: CNBC