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Snowflake inc1/26/2024 ![]() Though many analysts tipped Snowflake for long-term financial success amid its high-profile IPO, the firm faces significant competition in an increasingly congested cloud market. In total, the Snowflake IPO raised 3.4 billion U.S. dollars by the end of the first day of trading. dollars, ranking it among the highest-valued unicorn exits worldwide, while the firm’s share price had more than doubled to 254 U.S. Snowflake’s value at IPO was 33.2 billion U.S. Snowflake attracted significant attention in the run-up to its September 2020 IPO, with backing from the CRM giant Salesforce as well as billionaire investor Warren Buffet. As of July 2023, 8,537 organizations used the Snowflake platform, 590 of which were listed on the Forbes Global 2000 index of the world’s largest companies. In addition, the firm offers the option of a usage-based payment model in which customers only pay for the storage and computing resources that they use. The firm allows customers to access free and paid third-party data via a marketplace, as well as offer their own data for purchase. Snowflake emphasizes flexibility and ease of use. ![]() The Snowflake platform is intended to offer all necessary tools and services to work within the data cloud, including analytics, governance, and cybersecurity tools, and thus reduces the need for supplementary database software. Snowflake pitches its platform as a solution to the use of “silos” in data storage, wherein organizations store data in standalone data warehouses which can be difficult to access and in which data is often needlessly replicated. ![]() The term refers to an ecosystem in which organizations store and access single, live copies of their data, and can seamlessly share this data with other organizations on the cloud. Snowflake describes its platform as powering what it terms the “data cloud”.
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