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Snowflake Soars Into Tech Big Leagues With $70 Billion Value (1)

Sept. 16, 2020, 8:45 PM

Snowflake Inc. soared in a euphoric stock-market debut that transformed the eight-year-old software company into business valued at more than $70 billion.

Snowflake’s $3.36 billion initial public offering is a record for a software company and the biggest in the U.S. this year. Its share price soared as much as 166% Wednesday, minting fortunes inside the company and across Silicon Valley.

WATCH: Snowflake CEO Frank Slootman discusses the first day of trading on the NYSE.
(Source: Bloomberg)

Shares of the cloud-data software maker opened at $245 -- more than double its IPO price -- in New York trading. That 104% gain at the opening bell was the third-highest such pop for an IPO of $1 ...

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