Snowflake joins the late-summer IPO parade
The cloud database company recorded $264.7 million in revenue last year, a 174% jump.
It didn't take long for Snowflake CEO Frank Slootman to feel more confident about the public market.
After declaring the IPO market "effectively closed" earlier this year in an interview with Protocol, Slootman's cloud database company filed to go public Monday.
In its S-1 registration statement, Snowflake disclosed revenue of $264.7 million for the fiscal year ending Jan. 31, 2020, but also reported a loss of $348.5 million during that period.
Snowflake's cloud database software is popular with companies doing high levels of data analysis, and the product runs on all three major cloud platforms: AWS, Microsoft Azure and Google Cloud. It's especially popular at Capital One: The financial services company accounted for 11% of Snowflake's revenue last year.