Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.