Tech

Snowflake's record-breaking IPO put $41 billion into the coffers of these 5 investors at the end of its first day of trading

By Julie Bort , Keerthi Vedantam ,and Max Jungreis
Kevin Wang
Altimeter Partners' Kevin Wang Kevin Wang
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The highly anticipated Snowflake IPO did not disappoint. On Wednesday, it broke records with the biggest-ever public debut for a software company.

The company raised $3.4 billion by pricing shares at $120. And when the bell rang, public investors went crazy for the stock. At one point, shares spiked up 165% to $318.37, before trading was temporarily halted. Shares settled down to over $260 by afternoon and closed the day at $253.93. At that share price, Snowflake finished day one with a valuation of over $70 billion, leaving a trail of multibillion-dollar investors in its wake.

So, which investors won big in this IPO? Business Insider put together a list of the largest venture shareholders as disclosed by the company. By day's end, their stakes were collectively worth nearly $41.18 billion.

And, just for fun, we calculated an estimated value of their funds' stakes based on the closing price of Day 1 and rooted out what they likely paid for at least some of their stake through private fundraising, based on stock prices disclosures made by the company in its prospectus.

Of course, investors are subject to a lock-up period and time will tell whether share prices for Snowflake will hold by the time these investors are allowed to sell.

Take a look at which investors gained the most from Snowflake's spectacular IPO. There were no small fish in this pond.

Sequoia's Carl Eschenbach: a Snowflake stake worth an estimated $5.24 billion

Sequoia Carl Eschenbach
Snowflake

Sequoia Capital's Carl Eschenbach led Snowflake's $450 million Series F in 2018. It bought more stock in another round as well, and Eschenbach joined the board the next year. Stock in the Series F sold for $14.96 per share, Snowflake disclosed.

Sequoia Capital's stake in Snowflake: 20,619,156 shares (8.4%). At $253.93 per share  the stake is worth about $5.24 billion.

Redpoint Ventures' Satish Dharmaraj: a Snowflake stake worth an $5.57 billion

Satish Dharmaraj
Redpoint Ventures

Redpoint Ventures' Satish Dharmaraj led several investments in Snowflake starting in 2014, as the lead investor for the company's coming-out-of-stealth $26 million Series B. The Series B stock cost about 97 cents per share, Snowflake disclosed.

Redpoint Ventures' stake in Snowflake: 21,928,585 shares (9.0%). At $253.93 per share, the stake is worth nearly $5.57 billion.

ICONIQ's Matt Jacobson: a Snowflake stake worth an estimated $8.57 billion

Matt Jacobson
Matt Jacobson Twitter/Matt Jacobson

ICONIQ's Matt Jacobson led Snowflake's $100 million Series D in 2017 and the firm bought more stock in later rounds. Stock in that round sold for about $3.50.

ICONIQ Strategic Partners' stake in Snowflake: 33,752,048 shares (13.8%). At $253.93 per share, the stake is worth over $8.57 billion.

Altimeter Partners' Kevin Wang: a Snowflake stake worth an estimated $9.21 billion

Kevin Wang
Kevin Wang Twitter/Kevin Wang

Altimeter's Kevin Wang led Snowflake's $45 million Series C round in 2015. Stock in that round sold for about $2.29.

Various Alterimeter funds participated in more rounds until all related Altimeter entities collectively owned 15%.

Altimeter's stake in Snowflake: 36,286,307 shares (14.8%). At $253.93 per share, the stake is worth over $9.21 billion.

Sutter Hill Ventures' Mike Speiser: a Snowflake stake worth an estimated $12.59 billion

Mike Speiser 2020
Mike Speiser Sutter Hill Ventures

Mike Speiser lead Snowflake's original $5 million Series A round back in 2012, joined the board, and has been there ever since. Series A shares cost about 35 cents back then, the company disclosed.

Snowflake has gone on to raise $1.4 billion in a half dozen more rounds, at an estimated $12.4 billion valuation, with Sutter frequently participating.

Sutter Hill Ventures' stake in Snowflake: 49,564,848 shares (20.3%). At $253.93 per share, the stake is worth nearly $12.59 billion.

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Julie Bort
Julie Bort
Julie Bort was Business Insider's Editor at Large for the Tech team. She loves investigating stories and shedding light on the tech industry's most amazing people.Here's a small sample of some of Julie's work.Former Pinterest employees describe a traumatic workplace where managers humiliate employees until they cry, Black people feel alienated, and the toxic culture 'eats away at your soul'Sex, tequila, and a tiger: Employees inside Adam Neumann's WeWork talk about the nonstop party to attain a $100 billion dream and the messy reality that tanked itInsiders say WeWork's IT is a patchwork of cheap devices and Band-Aid fixes that will take millions to fixWeWork's toxic phone booths were created in-house by its Powered by We business70-hour weeks and 'WTF' emails: 42 employees reveal the frenzy of working at Tesla under the 'cult' of Elon MuskElon Musk works so many hours at Tesla, employees are constantly finding him asleep under tables and desksHow this woman went from a Pizza Hut employee to a founder of a $4 billion startupAn Oracle insider explains how some salespeople gamed the system to sell more cloudTHE TAKEDOWN OF TRAVIS KALANICK: The untold story of Uber's infighting, backstabbing, and multimillion-dollar exit packagesMicrosoft is in talks to buy GitHub, a startup at the center of the software world last valued at $2 billionThe alarming inside story of a failed Google acquisition, and an employee who was hospitalizedInside Facebook's plan to eat another $350 billion IT marketHow a registered sex offender wound up living in an Airbnb hosting unsuspecting guestsA controversial ex-banker is the person who really runs Twitter — and he's gambling the company's future on one risky betSecret passages and skipped meals: Oracle's CEO gave us a rare peek at what it really takes to run a $37 billion companyHP told some employees to choose between becoming contractors with no benefits or being fired without severance'I felt like we were being extorted': Customer says Oracle tried to strong-arm him into a cloud saleHow the queen of Silicon Valley is helping Google go after Amazon's most profitable businessAirbnb host: A guest is squatting in my condo and I can't get him to leaveLIES, BOOZE, AND BILLIONS: How one of the fastest-growing startups in Silicon Valley history raised $580 million then spiraled out of controlGitHub is undergoing a full-blown overhaul as execs and employees depart — and we have the full inside storyWhen she's not writing for Business Insider, Julie can usually be found on the trails, on my mountain bike, or on my skis, if you know where to look.
Keerthi Vedantam
Keerthi Vedantam is the enterprise tech fellow at Business Insider, covering B2B, startups and 5G. You can contact her via email at kvedantam@jkmperu.com or securely through Signal at (408) 470-0776.
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Max Jungreis
Max Jungreis is a fellow at Business Insider reporting on entrepreneurship. He previously wrote about business for the Boston Globe before graduating from Emerson College with a degree in journalism in 2020.  Got tips about entrepreneurship? Email Max Jungreis at mjungreis@jkmperu.com, DM him on Twitter @MaxJungreis, or contact him on encrypted messaging app Signal at (907) 947-0299.
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