Snowflake Inc - Ordinary Shares - Class A

Strong acceleration + margin expansion (core signal): Q2 product revenue $1.49B, +37% YoY, accelerating again (third straight quarter of acceleration; they highlight sequential growth reaching record levels). Non-GAAP operating margin expanded 400+ bps YoY to 15%, driven by revenue strength and disciplined headcount growth.

AI flywheel driving durable growth (what’s surprising/good): Management argues AI is a structural multiplier: new AI workloads bring net-new users and increase platform consumption. They attribute roughly ~half the Q2 acceleration to AI products (incl. Cortex Code + CoWork, plus other AI capabilities like AI Functions / AI Gateway), and emphasize broad-based adoption (not concentrated only in AI-native companies). Also claims improved “time to 80% of purchased consumption” for newest cohorts.

Customer momentum metrics (growth quality): Added 692 net new customers in Q2, including 14 Global 2,000; total now 14.6k customers. They report net revenue retention (NRR) at 126%, and 65 customers with $10M+ trailing-12-month product revenue. Data sharing / stable edge reported at 43% of customers. Cortex Code accounts: 5.8k (+~11% QoQ); CoWork accounts: 9.1k (surpassing +2k net new accounts in the quarter).