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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.

 Tom Krazit

Tom Krazit ( @tomkrazit) is a senior reporter at Protocol, covering cloud computing and enterprise technology out of the Pacific Northwest. He has written and edited stories about the technology industry for almost two decades for publications such as IDG, CNET, paidContent, and GeekWire. He has written and edited stories about the technology industry for almost two decades for publications such as IDG, CNET and paidContent, and served as executive editor of Gigaom and Structure.

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