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Photo: JFrog

Snowflake shares more than doubled on Wednesday, after having the biggest software IPO in history, while JFrog also posted strong first-day gains.

Why it matters: The moves show that Wall Street's appetite for new tech stocks remains significant, with concerns about both the pandemic and high valuations taking a back seat.

Driving the news: Snowflake, a Silicon Valley cloud data warehousing company, on Tuesday night raised $3.4 billion, making it the largest software IPO ever. Its shares more than doubled, closing regular trading at $253.93, up $133.93, or more than 111%.

  • JFrog, which helps companies manage their software updates, saw its shares rise 47% during its first day of trading, to nearly $65 per share, after raising around $500 million in its IPO.

"When you come with the right business and technology that addresses real pain in the market, the market is welcoming," JFrog CEO Shlomi Ben Haim told Axios.

Yes, but: Snowflake and JFrog are still trading at eye-popping valuations.

  • Ben Haim said he focused on working with the company's bankers to find the right IPO pricing. "From that point, the market will decide where the price per share goes," he said.

Between the lines: While JFrog was planning to go public before COVID-19 arrived, the pandemic forced the company to do its roadshow entirely virtually. The company's founders and executives did enjoy an in-person, masked, socially distanced outdoor celebration in the parking lot of its Sunnyvale, Calif. headquarters.

Our thought bubble: These IPOs are soaring during a bizarre and unprecedented economic moment: The real economy is on the rails and unemployment is stratospheric, but the Fed's cash spigot is locked open, and because software is eating the world, investors see it as a good place for their money.

What's next: Sumo Logic priced its IPO Wednesday night at $22 per share, raising upwards of $325 million. Its stock is slated to begin trading today.

Go deeper: Early Snowflake investors talk about the beginning of the business

Go deeper

Dec 23, 2020 - Economy & Business

Communication tech companies are booming

Data: Yahoo Finance; Chart: Axios Visuals

Software firms that help other companies communicate are booming this year thanks to pandemic-driven remote-work.

Why it matters: Even when a vaccine is rolled out and lockdown provisions are lifted, most companies will likely maintain at least some work-from-home flexibility, which will bode well for software firms like Zoom, DocuSign, Twilio, Microsoft, Slack and others.

Pope Francis denounces European governments' migrant response

Pope Francis adresses refugees at the Reception and Identification Centre (RIC) in Mytilene on the island of Lesbos on Sunday. Photo: Louisa Gouliamaki/Pool/AFP via Getty Images

Pope Francis criticized European countries' response to migrants and asylum seekers during his visit to a refugee camp on the Greek island of Lesbos Sunday.

Why it matters: The pope said "migration is a humanitarian crisis that concerns everyone," but little had changed in the global response to displaced peoples since his first visit to Lesbos five years ago, per a transcript of his remarks. "Human lives, real people, are at stake. ... let us stop this shipwreck of civilization!"

Chris Cuomo accuser: On-air "hypocrisy" spurred report

Journalist Chris Cuomo. Photo: Gilbert Carrasquillo/GC Images

A woman who accused fired CNN journalist Chris Cuomo of sexual misconduct said Sunday she decided to come forward after learning of his comments about women who made similar accusations about his brother. He denies her allegations.

Why it matters: Her attorney Debra Katz said in a statement that she heard "the hypocrisy" of his on-air words about his brother, former New York Gov. Andrew Cuomo, and was "disgusted by his efforts to try to discredit these women," so "retained counsel to report his serious sexual misconduct against her to CNN."