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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

Felix Salmon, author of Capital
Dec 13, 2020 - Economy & Business

Windfall IPO profits exceed dot-com bubble record

Illustration: Sarah Grillo/Axios

When is making billions of dollars easier than falling off a log? The answer: When giant Wall Street firms like BlackRock and Fidelity get allocated large chunks of stock in white-hot companies. The following day those shares end up being worth vastly more than the investors paid for them.

Why it matters: More money has been made this way in 2020 than in any prior year, even including the height of the dot-com bubble in 2000.

  • Major companies are postponing their IPOs as a result, worried that they'd effectively be giving billions of dollars away to undeserving investors.

What we know about the victims of the Indianapolis mass shooting

Officials load a body into a vehicle at the site of the mass shooting in Indianapolis. Photo:

Eight people who were killed along with several others who were injured in a Thursday evening shooting at a FedEx facility in Indianapolis have been identified by local law enforcement.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.

Pompeo, wife misused State Dept. resources, federal watchdog finds

Former Secretary of State Mike Pompeo. Photo: Joe Raedle/Getty Images

The State Department's independent watchdog found that former Secretary of State Mike Pompeo violated federal ethics rules when he and his wife asked department employees to perform personal tasks on more than 100 occasions, including picking up their dog and making private dinner reservations.

Why it matters: The report comes as Pompeo pours money into a new political group amid speculation about a possible 2024 presidential run.