Snowflake
SNOWQ3 2024(SNOW Q2 FY2025)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$1.0B
AI Revenue (Q)
$41.7M
Total Revenue (Q)
$1.0B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Snowflake's Q2 FY2025 (three months ended July 31, 2024) filing shows total revenue of $868.8M. A major milestone: In June 2024, Snowflake made Iceberg tables generally available, which fundamentally changed the platform by enabling customers to use compute services without requiring Snowflake storage. This also means AI/ML workloads can run compute-only queries (model inference, Cortex AI calls) with separate resource tracking. The filing notes the company 'updated its revenue recognition accounting policy' due to this new capability, treating compute, storage, and data transfer as separate performance obligations. The forward-looking statements reference 'AI Technology' and customer 'adoption and use of such features.' The 4% estimate (~$34.8M) reflects Cortex AI entering general availability, growing LLM inference consumption, and the Iceberg tables enabling more AI workload separation.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $868,823 thousand for the three months ended July 31, 2024
10-Q for period ended July 31, 2024, Condensed Consolidated Statements of Operations
In June 2024, the Company made Iceberg tables generally available to its customers, enabling them to use the Snowflake platform for compute services without requiring storage. As a result, starting from June 2024, customers are allowed to select compute, storage, and data transfer resources separately
10-Q for period ended July 31, 2024, Revenue Recognition policy
our ability to continue to innovate and make new features generally available to customers, including our development and use of artificial intelligence and machine learning, and our customers adoption and use of such features
10-Q for period ended July 31, 2024, Forward-Looking Statements
AI Products Identified (Ring 1)
Cortex AI (GA)Snowpark MLDocument AIIceberg tables (AI workload enabler)Arctic LLM
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
AI Data Cloud platformSnowflake MarketplaceStreamlit
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix