Big data analysis startup Snowflake has become the most successful software IPO of all time after just one day of trading on the New York Stock Exchange (NYSE).

Listed at $120, share prices rose as high as $276 before trading was briefly halted, eventually settling at $258 for a total market valuation of more than $70 billion.

With the record-breaking performance, Snowflake co-founder Benoit Dageville, ex-CEO Bob Muglia, and current CEO Frank Slootman are now billionaires. Warren Buffet’s Berkshire Hathaway Inc. also made $960 million in the IPO following an earlier deal to buy over $400 million worth of Snowflake stock at the IPO price.

Record-Breaking Performance

Snowflake’s burgeoning popularity with clients boils down to its ability to gather, store, and analyze huge datasets quickly and without client investments in expensive hardware.

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This makes it possible for organizations working with large amounts of data to avoid extra overhead costs on server farms and expensive, in-demand specialist engineers.

The Software-as-a-Service (SaaS) model has been a huge hit with investors long before the IPO, with the company raising $479 million in funding in February, bringing its capital to $1.42 billion and its valuation to over $12 billion.

Since its 2015 launch, it has onboarded over 3,400 clients including  Accor, Brex, CONA Services, ConAgra Foods, Domino’s Pizza Enterprises Limited, JetBlue, and Nationwide.

Encouraged by its solid growth and sales figures which included industry-leading net revenue retention of 158% and annualized revenue exceeding $500 million, investors poured into Snowflake stock.

Two mega deals last week involved Snowflake stock purchases by Salesforce and Berkshire Hathaway, each exceeding $250 million.

IPO Creates New Billionaires

Following SNOW’s performance, Snowflake Chairman and CEO Frank Slootman’s stock position of about 5.3 million shares are currently worth $1.4 billion. Co-founder and CTO Benoit Dageville’s 8 million shares are currently worth more than $2 billion.

Former CEO Bob Muglia who is no longer at the company also came out a big winner with his 1.7 percent stake in the company now valued at $1 billion. Private equity firm Sutter Hill Ventures also has Snowflake stock holdings worth an estimated $13 billion at the share price of $258.

Other institutional investors who stand to make profits in the multiples of billions from Snowflake’s IPO include Altimeter Partners with $9.21 billion, ICONIQ Strategic Partners with $8.57 billion, Redpoint Ventures with $5.57 billion, and Sequoia Capital with $5.24 billion.