In an updated IPO prospectus on Monday, grocery-delivery company Instacart laid out the difference between payments to snowflake and usage of the technology.
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However, in order to see where that number stands in 2023, an investor would still have to reference a footnote much later in the filing. There, Instacart says that in the first half of the year it incurred $11 million in operating expenses for use of Snowflake's technology. On an annualized basis, that would still suggest a drop of 21%.
In Snowflake's Aug. 30 blog post, the company says it's helping Instacart"optimize for efficiency," a phrase that implies doing more with less. While that may explain some or all of the drop, it's also true that Instacart has been pushing more business to Databricks, particularly for its advertising infrastructure.
Instacart isn't required to disclose its relationship with Databricks, but both companies published recent posts about the implementation on their websites. They deleted those posts shortly after Instacart's initial filing. Snowflake shares rose 2.2% on Monday, lifting its market cap to $55.9 billion. Databricks is still private and was last valued in at $38 billion in 2021.in the IPO for $26 and $28, which would value the company at as much as $9.3 billion. That's a steep drop from its peak private market valuation of $39 billion and shows what may be required in order to go public in an
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