MongoDB (MDB)

Developer document database (NoSQL/MongoDB) + Atlas managed cloud + AI vector search

AI exposure 12% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Data & Infrastructure Software · figures rebased to Q2 FY2027, reported 2026-09-01

MongoDB Atlas — fully-managed document database on AWS/Azure/GCP + Vector Search (AI) leads 2 businesses in this sub-tier that together are 100% of revenue, so Data & Infrastructure Software is effectively the whole company rather than one leg of it.

Reported segments

• Atlas (cloud database) — 73% of revenue
• Enterprise Advanced + other — 27% of revenue

MongoDB ($771.8M Q2 FY2027, +30% YoY). Subscription is $747.1M and services $24.6M. MongoDB discloses Atlas as a share of total revenue: 73% this quarter, DOWN from 74% a year ago. That one point is the whole story of the print — Atlas grew 29% against total revenue growth of 30%, so the self-managed Enterprise Advanced book grew faster than the cloud business the entire equity story rests on. The company beat every estimate and raised guidance, and the stock fell 13%.

How the 12% is built

• Atlas (cloud database) — 73% of revenue × 14% AI-driven (disclosed). Consumption-based cloud database. Vector search and AI application workloads are a genuine and growing slice, but the bulk of consumption is ordinary application data, and Atlas growth of 29% is not the shape of an AI-driven line
• Enterprise Advanced + other — 27% of revenue × 6% AI-driven (disclosed). Self-managed licences into regulated and on-premise estates, where AI workloads are least likely to land

Investment read

Moat. Developer-platform lock-in (document model + Atlas) + data-gravity; the leading modern operational database with an AI-vector-search angle.

Bottleneck / pricing power. Moderate pricing power (developer stickiness + consumption growth + AI-vector-search attach); the AI-app-database vector is a real tailwind.

Role in the AI stack. The modern operational + AI-vector database layer.

Connected companies

• Snowflake (SNOW) — MDB competes with: Cloud data platforms — operational DB (MongoDB) vs analytical (Snowflake)
• Alphabet (GOOGL) — MDB supplies: database (Atlas) on Google Cloud

Others in Data & Infrastructure Software

• IBM (IBM)
• Cloudflare (NET)
• Snowflake (SNOW)
• Datadog (DDOG)
• S&P Global (SPGI)
• Moody's (MCO)

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