That valuation is positively absurd. If I were a Snowflake employee, I'd be ticking off the days until the lockup ends and then plan on selling every share I could. Yes their growth figure is spectacular, but their loss figures are _off the charts_ and their product is no longer in any way, shape or form unique. There's enough of the crew at Snowflake who are ex-Cloudera* who will know what it's like to go from hyper-unicorn to tremendously unfashionable in the space of four quarters as someone else does your trick but shinier. If they've got any sense they'll all sell up, buy their new boat and resign to live on the beach before the bubble bursts and the CFO starts cutting costs back to the bone.
*Who are a cautionary tale/good comparator in a number of ways. Same sales play (snowflake even nicked their "data cloud" language), same target market, very similar technology stacks, very similar architectural approaches. Cloudera have three times the revenue, positive cash flow and are still clocking in dependable growth every quarter despite some disastrous recent business decisions. They're apparently worth _one tenth_ of what Snowflake will open at, because they only do 10-15% of their business on the cloud. The market is _insane_.