Snowflake Inc’s shares more than doubled in their New York stock exchange debut on Wednesday, a day after the company raised more than $3 billion in the largest US listing of the year so far. Snowflake, founded in 2012 in San Francisco, is a data warehouse company backed by Warren buffet, which sells a cloud data platform that promises to consolidate a business’ data onto one platform.

Snowflake’s spectacular market debut reflects the appetite for new stocks, as low-interest rates drive investors into equities. The market overlooked Snowflake’s losses, focusing on the prospects of its software business which has seen rapid growth as offices around the world adapt to remote working. Snowflake started trading at $245 apiece on Wednesday, more than double its $120 IPO price, and closed up 111% at $253.93 to value it over $70 billion.

Among the US-listed companies with a market capitalization of at least $10 billion, only three companies are now more expensive than Snowflake’s 2020 revenue multiple. Snowflake sold 28 million shares in its IPO to raise $3.36 billion in the biggest software IPO of all time.