Snowflake — research brief

Researched: 2026-09-20 (CT)
Primary focus: AI Data Cloud; consumption via Snowflake credits (Platform + AI) + storage; On Demand → Capacity; editions Standard → Enterprise → Business Critical → VPS; Snowpark / Marketplace / Cortex AI attach.

Labels: FACT = Snowflake primary pages / docs / company earnings; SECONDARY = press wire or third-party; INFERENCE = synthesis from facts.

Company & mission

FACT — Snowflake Inc. (NYSE: SNOW) sells the AI Data Cloud: a fully managed multi-cloud platform for data storage, compute, sharing, applications, and AI next to governed data. Sources: Pricing, Cortex AI.
FACT — Pricing page states over 7,200 brands mobilize their data with Snowflake. Source: Pricing.
FACT — Runs on AWS, Azure, and GCP (edition and region drive credit/storage unit prices). Source: Snowflake editions, Service Consumption Table.

Products (what they sell)

FACT — Editions (feature ladder): Standard → Enterprise (multi-cluster warehouses, extended Time Travel, governance) → Business Critical (Tri-Secret Secure, private connectivity, failover/failback, PHI/HIPAA with BAA) → Virtual Private Snowflake (VPS) (isolated environment). Source: Editions docs, Pricing.
FACT — Core architecture separates storage (TB/month after compression), compute (virtual warehouses, serverless features, cloud services), and cloud services (metadata, auth, optimization). Cloud services billed only when daily usage exceeds 10% of daily warehouse credits. Source: Understanding compute cost, Understanding overall cost.
FACT — Unit of compute: Snowflake credit. Virtual warehouses billed per second with a 60-second minimum when started/resumed; suspended warehouses consume zero credits. Gen1 warehouse credit rates double with size (e.g. X-Small 1/hr, Small 2, Medium 4, … 6X-Large 512/hr). Source: Warehouses overview, Cost — compute.
FACT — Buy paths: On Demand (month-to-month, invoiced in arrears) or Capacity (pre-purchase usage; Order Form discount off On Demand Platform Credit price). Platform Credit Discount does not apply to AI Credits. Source: Service Consumption Table, Pricing.
FACT — On Demand Platform Credit list examples (US regions, from Consumption Table summaries): Standard ~$2, Enterprise ~$3, Business Critical ~$4 per Platform Credit (varies by cloud/region). Always confirm current table. Source: CreditConsumptionTable.pdf.
FACT — Product surfaces called out in docs/product pages: Snowpark (Python/Java/Scala), Snowflake Marketplace / data products, Cortex AI (AI Functions, Analyst, Search, Fine-tuning, Copilot, ML Functions), Streamlit in Snowflake, Snowpipe / Snowpipe Streaming, Iceberg tables, Data Clean Rooms. Sources: Editions matrix, Cortex AI.

Scale metrics (company disclosures — public company)

FACT — Q2 FY2026 (quarter ended July 31, 2025) company earnings: product revenue $1.09B (32% YoY); total revenue ~$1.1B; net revenue retention 125%; 654 customers with TTM product revenue >$1M; 751 Forbes Global 2000 customers; remaining performance obligations (RPO) $6.9B (33% YoY). CEO: more than 6,100 accounts using Snowflake’s AI every week. Sources: Business Wire / company earnings release, SEC exhibit FY2026 Q2 earnings.
FACT — FY2026 product-revenue guidance raised to $4.395B (27% YoY) per Q2 earnings call coverage citing management. Source: SECONDARY transcript summaries aligned with company guidance (cross-check IR deck): Investor presentation Q2 FY2026.

Partners & GTM

FACT — Multi-cloud deployment on AWS, Azure, GCP; cloud marketplaces are a common enterprise procurement path (INFERENCE from consumption + public GTM patterns; FACT that pricing/edition depend on cloud+region). Sources: Pricing, Editions.
FACT — Marketplace lets providers monetize listings; collaboration via shares, clean rooms, cross-cloud auto-fulfillment (Snowgrid). Source: Editions — collaboration / Marketplace.
INFERENCE — Dual GTM: self-serve On Demand / trial for land → Capacity commits + edition upgrades (Enterprise / Business Critical / VPS) via sales for expand; AI (Cortex) and Marketplace deepen consumption inside existing accounts (NRR 125%).

Light compare to Databricks (teaching only)

Both meter consumption (Snowflake credits vs Databricks DBUs) with commit discounts.
Snowflake historically warehouse-first + separated storage/compute; Databricks lakehouse/Spark-native — do not copy Databricks canvas copy; keep Snowflake-specific products (editions, Capacity, Cortex AI Credits, Marketplace).

Metrics we are NOT inventing

Do not invent seat prices — Snowflake is primarily credit/storage consumption, not seat SaaS.
Do not invent headcount, valuation, or ARR beyond cited product revenue / RPO / guidance.
Do not treat third-party blog dollar examples as FACT unless mirrored on snowflake.com / docs / SEC.

Teaching arc (for canvas)

On Demand credits (warehouses + storage) → Capacity / committed discounts → Edition upgrades (Enterprise / Business Critical / VPS) → Snowpark + Marketplace + Cortex AI Credits deepen usage.

# Snowflake — research brief Researched: 2026-09-20 (CT) Primary focus: AI Data Cloud; consumption via Snowflake credits (Platform + AI) + storage; On Demand → Capacity; editions Standard → Enterprise → Business Critical → VPS; Snowpark / Marketplace / Cortex AI attach. Labels: **FACT** = Snowflake primary pages / docs / company earnings; **SECONDARY** = press wire or third-party; **INFERENCE** = synthesis from facts. --- ## Company & mission - **FACT** — Snowflake Inc. (NYSE: SNOW) sells the **AI Data Cloud**: a fully managed multi-cloud platform for data storage, compute, sharing, applications, and AI next to governed data. Sources: [Pricing](https://www.snowflake.com/en/pricing-options/), [Cortex AI](https://www.snowflake.com/en/product/features/cortex/). - **FACT** — Pricing page states **over 7,200 brands** mobilize their data with Snowflake. Source: [Pricing](https://www.snowflake.com/en/pricing-options/). - **FACT** — Runs on **AWS, Azure, and GCP** (edition and region drive credit/storage unit prices). Source: [Snowflake editions](https://docs.snowflake.com/en/user-guide/intro-editions), [Service Consumption Table](https://www.snowflake.com/legal-files/CreditConsumptionTable.pdf). ## Products (what they sell) - **FACT** — **Editions** (feature ladder): **Standard** → **Enterprise** (multi-cluster warehouses, extended Time Travel, governance) → **Business Critical** (Tri-Secret Secure, private connectivity, failover/failback, PHI/HIPAA with BAA) → **Virtual Private Snowflake (VPS)** (isolated environment). Source: [Editions docs](https://docs.snowflake.com/en/user-guide/intro-editions), [Pricing](https://www.snowflake.com/en/pricing-options/). - **FACT** — Core architecture separates **storage** (TB/month after compression), **compute** (virtual warehouses, serverless features, cloud services), and **cloud services** (metadata, auth, optimization). Cloud services billed only when daily usage exceeds **10%** of daily warehouse credits. Source: [Understanding compute cost](https://docs.snowflake.com/en/user-guide/cost-understanding-compute), [Understanding overall cost](https://docs.snowflake.com/en/user-guide/cost-understanding-overall). - **FACT** — Unit of compute: **Snowflake credit**. Virtual warehouses billed **per second** with a **60-second minimum** when started/resumed; suspended warehouses consume **zero** credits. Gen1 warehouse credit rates double with size (e.g. X-Small **1**/hr, Small **2**, Medium **4**, … 6X-Large **512**/hr). Source: [Warehouses overview](https://docs.snowflake.com/en/user-guide/warehouses-overview), [Cost — compute](https://docs.snowflake.com/en/user-guide/cost-understanding-compute). - **FACT** — Buy paths: **On Demand** (month-to-month, invoiced in arrears) or **Capacity** (pre-purchase usage; Order Form discount off On Demand Platform Credit price). Platform Credit Discount does **not** apply to **AI Credits**. Source: [Service Consumption Table](https://www.snowflake.com/legal-files/CreditConsumptionTable.pdf), [Pricing](https://www.snowflake.com/en/pricing-options/). - **FACT** — On Demand Platform Credit list examples (US regions, from Consumption Table summaries): Standard ~**$2**, Enterprise ~**$3**, Business Critical ~**$4** per Platform Credit (varies by cloud/region). Always confirm current table. Source: [CreditConsumptionTable.pdf](https://www.snowflake.com/legal-files/CreditConsumptionTable.pdf). - **FACT** — Product surfaces called out in docs/product pages: **Snowpark** (Python/Java/Scala), **Snowflake Marketplace** / data products, **Cortex AI** (AI Functions, Analyst, Search, Fine-tuning, Copilot, ML Functions), **Streamlit in Snowflake**, Snowpipe / Snowpipe Streaming, Iceberg tables, Data Clean Rooms. Sources: [Editions matrix](https://docs.snowflake.com/en/user-guide/intro-editions), [Cortex AI](https://www.snowflake.com/en/product/features/cortex/). ## Scale metrics (company disclosures — public company) - **FACT** — Q2 FY2026 (quarter ended July 31, 2025) company earnings: **product revenue $1.09B** (**32%** YoY); total revenue ~**$1.1B**; **net revenue retention 125%**; **654** customers with TTM product revenue **>$1M**; **751** Forbes Global 2000 customers; **remaining performance obligations (RPO) $6.9B** (**33%** YoY). CEO: **more than 6,100 accounts** using Snowflake’s AI every week. Sources: [Business Wire / company earnings release](https://www.businesswire.com/news/home/20250827782179/en/Snowflake-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-2026), [SEC exhibit FY2026 Q2 earnings](https://www.sec.gov/Archives/edgar/data/1640147/000164014725000177/fy2026q2earnings.htm). - **FACT** — FY2026 product-revenue guidance raised to **$4.395B** (**27%** YoY) per Q2 earnings call coverage citing management. Source: **SECONDARY** transcript summaries aligned with company guidance (cross-check IR deck): [Investor presentation Q2 FY2026](https://s26.q4cdn.com/463892824/files/doc_financials/2026/q2/Q2-FY2026-Investor-Presentation_vF.pdf). ## Partners & GTM - **FACT** — Multi-cloud deployment on AWS, Azure, GCP; cloud marketplaces are a common enterprise procurement path (INFERENCE from consumption + public GTM patterns; FACT that pricing/edition depend on cloud+region). Sources: [Pricing](https://www.snowflake.com/en/pricing-options/), [Editions](https://docs.snowflake.com/en/user-guide/intro-editions). - **FACT** — Marketplace lets providers monetize listings; collaboration via shares, clean rooms, cross-cloud auto-fulfillment (Snowgrid). Source: [Editions — collaboration / Marketplace](https://docs.snowflake.com/en/user-guide/intro-editions). - **INFERENCE** — Dual GTM: self-serve On Demand / trial for land → Capacity commits + edition upgrades (Enterprise / Business Critical / VPS) via sales for expand; AI (Cortex) and Marketplace deepen consumption inside existing accounts (NRR 125%). ## Light compare to Databricks (teaching only) - Both meter **consumption** (Snowflake **credits** vs Databricks **DBUs**) with commit discounts. - Snowflake historically warehouse-first + separated storage/compute; Databricks lakehouse/Spark-native — do **not** copy Databricks canvas copy; keep Snowflake-specific products (editions, Capacity, Cortex AI Credits, Marketplace). ## Metrics we are NOT inventing - Do **not** invent seat prices — Snowflake is primarily credit/storage consumption, not seat SaaS. - Do **not** invent headcount, valuation, or ARR beyond cited product revenue / RPO / guidance. - Do **not** treat third-party blog dollar examples as FACT unless mirrored on snowflake.com / docs / SEC. ## Teaching arc (for canvas) **On Demand credits (warehouses + storage) → Capacity / committed discounts → Edition upgrades (Enterprise / Business Critical / VPS) → Snowpark + Marketplace + Cortex AI Credits deepen usage.**