Even by 2020 standards, Snowflake’s initial public offering was bonkers—the cloud-computing company’s shares more than doubled in price during the first day of trading. Upstarts like DoorDash, the largest US food delivery company, are beneficiaries of that meteoric offering, as Snowflake’s success has created a flurry of demand for shares of pre-IPO companies.“Snowflake is becoming a verb, as in, ‘I don’t want to be Snowflaked,’ meaning I don’t want to be left out,” said Greg Martin, founder of Liquid Stock, which provides financing for shares of pre-IPO companies and tracks private-stock prices. “It comes up in almost every conversation.”Private-company shares are illiquid and difficult to
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