Cloud Data Firm Snowflake Files for IPO Showing Revenue Growth

The filing says Snowflake's revenue more than doubled in the first half of 2020.


August 25, 2020

1 Min Read
Cloud Data Firm Snowflake Files for IPO Showing Revenue Growth

Crystal Tse and Gillian Tan (Bloomberg) -- Snowflake Inc., a cloud data platform that was valued at $12.4 billion in a February funding round, filed for an initial public offering, disclosing revenue that has more than doubled year over year.

The San Mateo, California-based company in its filing Monday listed the size of the offering as $100 million, a placeholder that will likely change.

Three other software companies -- Unity Software Inc., Sumo Logic Inc. and JFrog Inc. -- also filed Monday to go public on U.S. exchanges. Palantir Technologies Inc. and Asana Inc. are also expected to file as soon as this week.

Snowflake raised $479 million in February from backers including Dragoneer Investment Group and Salesforce Ventures, an arm of Inc. Other investors include Iconiq Capital, Sequoia, Altimeter Capital, Madrona Venture Group, Redpoint Ventures and Sutter Hill Ventures.

Snowflake, which announced an enhanced strategic partnership with Salesforce in June, has said it has more than 2,000 customers including JetBlue Airways Corp., Accor SA and Conagra Brands Inc.

The company said it lost $171 million on revenue of $242 million for the six months ended July 31, compared with a loss of $177 million on revenue of $104 million for the same period last year.

Related:Cloud Database Startup Snowflake Vaults to $12B Valuation, Partners with Salesforce

The offering is being led by Goldman Sachs Group Inc. and Morgan Stanley. Snowflake plans to list its shares on the New York Stock Exchange under the symbol SNOW.

Subscribe to the Data Center Knowledge Newsletter
Get analysis and expert insight on the latest in data center business and technology delivered to your inbox daily.

You May Also Like