Montana-based data storage company Snowflake Inc. is aiming to generate $100 million in annual recurring revenue from generative AI software by January, according to a report published Tuesday by The Information. The internal target was shared with staff, according to two Snowflake employees.
The company, like other software firms, is racing to redefine itself as an AI player in a market increasingly shaped by tools like ChatGPT. CEO Sridhar Ramaswamy, who joined last year to lead this transformation, has taken a hands-on role in developing Snowflake Intelligence, a generative AI product expected to be more widely released in June.
The $100 million goal, not yet disclosed to investors, amounts to just over 2% of Snowflake's projected product revenue for the fiscal 2025.
