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$SNOW is my most anticipated IPO of the year and its S1 finally dropped today!
The Business: Snowflake's Cloud Data Platform lets users consolidate data silos into a single source of truth, share data, and build data-driven apps. Estimated $81B TAM.
S1: https://sec.report/Document/0001628280-20-013010/ https://twitter.com/jonbma/status/1298024379339567105
The Business: Snowflake's Cloud Data Platform lets users consolidate data silos into a single source of truth, share data, and build data-driven apps. Estimated $81B TAM.
S1: https://sec.report/Document/0001628280-20-013010/ https://twitter.com/jonbma/status/1298024379339567105
Financials:
Q2 Revenue Growth: +121% YoY
Gross Margins: 62% (+1300 bps YoY)
Significant but improving losses
Net Retention Rate: 158% (and 169% for FY’20)
3,117 Customers (+101% YoY)
+71 NPS
Incredible rev and customer growth which is even more impressive in light of COVID-19
Q2 Revenue Growth: +121% YoY
Gross Margins: 62% (+1300 bps YoY)
Significant but improving losses
Net Retention Rate: 158% (and 169% for FY’20)
3,117 Customers (+101% YoY)
+71 NPS
Incredible rev and customer growth which is even more impressive in light of COVID-19
Management: CEO Frank Slootman took $NOW public and grew it from a $75M to $1.5B run rate during his 6-year tenure. He also built Data Domain from nothing to the 800-lb gorilla in its market. He sees extraordinary upside potential at Snowflake which is why he took on the role.
There has been a lot of hype around this IPO for a long time so I have no doubt that Snowflake will debut at a nose-bleed valuation, but this is without a doubt an exceptional business with a huge TAM, excellent leadership, and a durable and rapidly expanding moat.
