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Photo illustration: Aïda Amer/Axios. Getty Images photo: Taylor Hill/FilmMagic

Snowflake, a Silicon Valley cloud data warehousing company, on Tuesday night raised $3.4 billion in what is the largest software IPO ever.

Between the lines: Snowflake loses money, but got a big boost of confidence when Warren Buffett's Berkshire Hathaway agreed to invest $500 million concurrent to the IPO.

Rocket ship: Snowflake raised venture capital in early 2018 at a $1.5 billion valuation, to help it compete in the red-hot business of helping companies move their legacy workloads into the cloud.

  • The IPO values Snowflake at over $44 billion, with indicative bids suggesting it could open at double its $120-per-share IPO price.
  • Update: Snowflake shares opened at $245 per share, and then began trading even higher.

Go deeper

Nov 17, 2020 - Podcasts

Rafat Ali on Airbnb and the future of travel

Airbnb filed for its IPO on Monday, and showed some glimmers of hope for a travel and hospitality industry that has been hit particularly hard by the coronavirus pandemic.

Axios Re:Cap speaks with Skift co-founder and CEO Rafat Ali about what he learned from Airbnb's IPO prospectus, lessons for hoteliers and what will be left once COVID-19 is contained.

Dan Primack, author of Pro Rata
Nov 16, 2020 - Economy & Business

Airbnb files for its long-awaited IPO

Illustration: Aïda Amer/Axios

Airbnb on Monday filed for a $1 billion initial public offering, which is expected to price in December.

Financials: Airbnb reports nearly a $700 million net loss on $2.5 billion in revenue for the first nine months of 2020, versus a $322 million net loss on $3.7 billion in revenue for the year earlier period. But it also reports $219 million in profits for the third quarter of 2020, as bookings rebounded.

Salesforce rolls the dice on Slack

Illustration: Sarah Grillo/Axios

Salesforce's likely acquisition of workplace messaging service Slack — not yet a done deal but widely anticipated to be announced Tuesday afternoon — represents a big gamble for everyone involved.

For Slack, challenged by competition from Microsoft, the bet is that a deeper-pocketed owner like Salesforce, with wide experience selling into large companies, will help the bottom line.