Snowflake is betting that the next phase of enterprise AI will be agentic. And it wants to be the platform that runs it.

AI is changing how enterprises build, operate and make decisions. But AI agents are only as powerful as the data, context and governance behind them.

What’s Driving Growth

Snowflake’s Q2 FY27 product revenue reached $1.49Bn, up 37% YoY, marking its third consecutive quarter of growth acceleration. It now serves 14,554 customers, with RPO reaching $9Bn, up 30% YoY.

AI is becoming an important growth layer. CoCo surpassed 9,100 accounts, while CoWork reached 5,800 accounts. Customer use cases deployed on Snowflake increased 89% YoY.

Why It Matters

Snowflake is moving beyond the traditional data platform.

Its ambition is to connect governed data, AI models, application workflows and agents through an agentic control plane that moves enterprises from insight to action.

The flywheel is important: AI brings new workloads onto Snowflake, AI products bring new users and use cases, and greater AI adoption drives higher platform consumption.

The Big Picture

Snowflake raised FY27 product revenue guidance to $6.07Bn, representing 36% YoY growth, while increasing non-GAAP operating margin guidance to 14.5%.

The enterprise AI battle is increasingly shifting from which model is best to which platform can connect models with enterprise data, context, governance and action.

Snowflake wants to own that layer.