It’s important to note that despite the bear market the company’s current market value is $50 billion, so some IPOs do stand the test of time.ĬEO Frank Slootman, who owned 5.3 million shares at the time of the IPO, reached a net worth of $1.4 billion on the first day of trading.

The first day closed at $253.93, giving the company a valuation of over $60 billion. The Snowflake IPO price was set at $120 but soared to $275 within minutes of trading. The initial offering became one of the largest software IPOs in history, raising $3.4 billion. Snowflake launched its IPO on the NYSE on Septemand began trading under the stock symbol SNOW. Snowflake Public Listing Key Data and IPO Date Read on to find out about Snowflake IPO 2020 and other key info.

After raising $479 million in Series G round in 2020, the company became a “decacorn” valued at $12.5 billion by investors.īy this point the management must have been asking themselves, “when is Snowflake going public?” to take the company to new heights. Snowflake’s cloud technology is even being used by the tech giants - Amazon’s S3 has been using it since 2014, Microsoft’s Azure since 2018, and in 2019 Google Cloud began to use it as well.Īfter making the platform public, Snowflake held multiple public funding rounds, raising over 1.4 billion in total from VCs. In 2021, the company’s executive office was moved to Bozeman, Montana after a statement that the company no longer had a corporate headquarters because its employees are based all around the world.Īfter working for two years in secret, the platform was launched publicly in October 2014, and by 2015 Snowflake was already used by 80 different organizations. What united the three was love of cloud computing and the decision to live and work outside of Silicon Valley, in San Mateo, California. It was founded in 2012 by Marcin Zukowski, co-founder of Vectorwise, Benoit Dageville and Thierry Cruanes who earlier worked at Oracle.

DocuSign, Shopify and Datadog have more than doubled.Ĭorrection: Snowflake is on track to book $500 million in annualized revenue in 2020.Snowflake is a company that specialises in cloud computing and data warehousing. Zoom's stock is up over 500% in 2020, and Fastly has jumped more than 300%. Even after pulling back this month, the BVP Nasdaq Emerging Cloud Index, consisting of over 50 publicly traded companies, is up about 55% this year, compared to a 25% gain for the Nasdaq and 5.3% advance in the S&P 500. Snowflake is entering a market that's hungry for high-growth cloud software makers, particularly those that have shown an ability to continue expanding through the coronavirus pandemic. Based on the IPO price, Berkshire will be paying $484.8 million for those shares. Last week, Snowflake revealed in a filing that Berkshire Hathaway and Salesforce each agreed to buy $250 million of stock at the IPO price in a concurrent private placement. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary transaction from former CEO Bob Muglia. Snowflake is growing alongside the major public cloud vendors by providing technology that allows clients to quickly analyze and share vast amounts of data and increase capacity as needed, rather than relying on databases that are tied to hardware. The company had already raised its anticipated debut price range from a maximum of $85 to a max of $110 in the space of less than a week.

Investors are bidding up Snowflake's ahead of the offering as they anticipate a blockbuster opening for a company that's generating over $500 million in annualized revenue and grew over 130% in the first half of the year. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

Snowflake ipo stock price