SNOWDDOGMNDYNOW

SNOW CY1Q25: Data Engineering and AI Products Are Customers' Top Priorities

FUNDA·2025年5月20日

AI stack (Snowpark, Cortex, Iceberg) is accelerating SNOW consumption; partners see 35–40% y/y growth.

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In our last quarter's SNOW Preview, our interviews revealed:

  • Iceberg represents net new revenue rather than migration from data warehouse revenue

  • OpenAI's budget cuts for DDOG benefit SNOW, as OpenAI's new architecture utilizes Grafana+SNOW/Databricks

  • Data Engineering momentum is extremely strong and was a key growth driver for 2024Q4

These insights were subsequently confirmed in earnings results and management callbacks.

We've provided a detailed analysis of SNOW's new products and AI technology stack in this report.

SNOW and MNDY are experiencing rare product-driven years in 2025, with second and third growth curves simultaneously contributing incremental revenue.

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