- General
- August 24, 2020
- 3 minutes read
Snowflake Files To Go Public
Today surely seems like the day of IPO filings. Just after gaming company Unity and cloud management company Sumo Logic…
Today surely seems like the day of IPO filings. Just after gaming company Unity and cloud management company Sumo Logic filed for their respective public listings, cloud data company Snowflake Computing has followed suit with a formal filing to go public with the U.S. Securities and Exchanges Commission. Investment banks Goldman Sachs, Morgan Stanley, J.P. Morgan, Citigroup, and Allen & Company are serving as lead underwriters for the company’s initial public offering.
Dissecting Snowflake’s S-1 filing, the San Mateo, California-based company recorded about $265 million in revenues in its most recent fiscal year, up 150% from about $97 million in the year before. For the first six months of this year, Snowflake has pulled in $242 million in revenue, up over 100% year-over-year. As revenues have ballooned, so have losses, however, with Snowflake recording a $348 million loss in its most recent fiscal year. For the first six months of this year, Snowflake recorded $171 million in losses.
As a private company, Snowflake has raised $1.4 billion in total funding, with a most recent valuation of $12.4 billion by investors. Among Snowflake’s backers include the likes of Sequoia Capital, Sutter Hill Ventures, Dragoneer Investment Group, Madrona Venture Group, and software giant Salesforce. Currently, the company employs more than 2,000 persons across offices in the cities of Dublin, California; Bellevue, Washington; London, United Kingdom; Amsterdam, Netherlands; and Berlin, Germany.