Cloud data warehouse startup Snowflake Inc. today boosted the target price range for its upcoming initial public offering by about 30%, saying in an updated S-1 filing that it hopes to sell its shares for $100 to $110 apiece.

That’s up from a target of between $75 and $85 before. According to CNBC, which first spotted the filing, the new range could give Snowflake a market capitalization of between $27.7 billion and $30.5 billion.

The price increase suggests that the San Mateo, California-based company expects strong interest on Wall Street in its IPO, which has already attracted the backing of two prominent investors. Salesforce.com Inc. and Berkshire Hathaway Inc. recently agreed to purchase $250 million worth of Snowflake stock each in a private sale. Berkshire Hathaway, led by Chief Executive Warren Buffet, inked a deal to purchase an additional 4.04 million shares from former Snowflake CEO Bob Muglia.

Snowflake’s namesake cloud data warehouse enables enterprises to centralize data from multiple systems into a single environment to make it easier to work with. More than 3,110 organizations use the platform as of July 31, including 146 of the firms on the Fortune 500.

Fueled by strong demand, Snowflake’s revenues more than doubled in the first half of 2020, to $242 million. Like many of the other tech firms that have filed for an IPO recently, the startup is unprofitable, but its losses are narrowing while gross margins are improving. On a year-over-year basis, the company’s net loss declined from $177.2 million to $171.3 million in the six months ended July 31, while its gross margin stood at 62%, up from 49% they year before.

Part of the company’s momentum comes from an increase in large deals. Snowflake’s S-1 filing revealed that the number of customers contributing more than $1 million in trailing-12-month product revenue soared from 22 at the end of last July to 56 as of July 31.

Across its entire customer base, Snowflake claims to be processing more than 500 million data warehouse queries daily. Companies use its platform for tasks as varied as marketing analytics, healthcare data management and regulatory compliance. Snowflake spends heavily on cloud infrastructure to support all that customer activity: Its S-1 filing details it has committed to spending $1.2 billion between August 2020 and July 2025 on cloud services. 

In the same filing, the company estimates the size of its addressable  market to be about $81 billion. 

Image: Robert Hof/SiliconANGLE