Snowflake, the hot $12.4 billion cloud startup, files to go public

  • Snowflake has filed papers to go public, setting the stage for one of the most anticipated IPOs in tech.
  • Snowflake, a dominant player in cloud data warehousing which is valued at $12.4 billion, plans to list on the New York Stock Exchange under the ticker symbol “SNOW.”
  • The company reported that its revenue jumped from $97 million in 2019 to $264.7 million in 2020. But its losses ballooned from $178 million to $348.5 million in the same period.
  • Visit Business Insider’s homepage for more stories

Snowflake, the $12.4 billion cloud data warehousing startup, is going public.

The hot startup on Monday filed initial IPO papers with the Securities and Exchange Commission, setting the stage for one of the most anticipated public trading debuts in the tech world.

Snowflake said it plans to raise $100 million in the filing, a figure which is typically considered a placeholder and could be updated later. The Silicon Valley tech company said it will list on the New York Stock Exchange under the ticker symbol SNOW. 

Snowflake emerged as one of the strangest players in cloud data warehousing which became a hot market with the rapid growth of the cloud, the hot enterprise trend in which businesses set up networks on web-based platforms.

Snowflake said its revenue jumped from $97 million in 2019 to $264.7 million in 2020. But its losses ballooned from $178 million to $348.5 million in the same period.

The company was reportedly aiming for a valuation of as high as $20 billion. Snowflake just raised $479 million in February at a $12.4 billion valuation. In total, Snowflake has raised $1.4 billion from investors including Sequoia and ICONIQ Capital.

Snowflake said it has about 3,100 customers, including 56 clients that contributed about $1 million in a 12-month period.

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