Snowflake Files for IPO on Monday, Reveals Financial Data for First Time
Snowflake | August 25, 2020
Cloud computing startup Snowflake Computing filed for an IPO on Monday, revealing its financial data for the first time as the company prepares to go public. The San Mateo, Calif.-based company said it more than doubled revenue to $242 million in the first half of 2020, with a net loss of $171.3 million, down from $177 million in 2019.
Snowflake’s data warehouse is a specialized type of cloud database built for analytical applications. The company has more than 3,100 customers including Brex, ConAgra Foods, Domino’s, JetBlue, and Nationwide. It has more than 20 offices worldwide, including a Seattle hub, and is one of the most valuable private tech startups in the world.
Founded in 2012, Snowflake sits in a unique position among other cloud service providers, partnering with giants such as Amazon and Microsoft but also competing against them. In its IPO filing, Snowflake listed Amazon Web Services, Microsoft Azure, and Google Cloud Platform under potential risk factors to the business. All three competitors offer their own data warehousing service.