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Buffett-backed cloud unicorn Snowflake nets $3.4 billion in record-breaking software IPO

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  • Billionaire investor-backed Snowflake said it would raise $3.4 billion in the largest-ever software IPO, giving it a value of over $33 billion.
  • The cloud-data platform will sell 28 million shares priced at $120 a piece.
  • Snowflake plans to list on the New York Stock Exchange under the ticker symbol “SNOW” from September 16.
  • Its highly-anticipated IPO has managed to capture the attention of billionaire investor Warren Buffett, who agreed to invest over $550 million in the company after going public.
  • Visit Business Insider’s homepage for more stories.

Cloud startup Snowflake raised a record-breaking $3.4 billion on Wednesday, in the largest ever initial-public-offering for a software company on Wednesday, kicking off a big week for technology firms going public this week.

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The cloud-data warehousing startup announced that it is selling 28 million shares valued at $120 each, which means it would raise nearly $3.4 billion in proceeds.

Snowflake, which was valued at $12.4 billion around the time of its most recent fundraising round in February and counts billionaire investor Warren Buffett among its backers,

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