Snowflake Plans a $3.5 Billion Private Placement of Zero-Coupon Convertible Notes

The data-cloud company will use proceeds for capped calls, buying back part of its 2027 converts, and general corporate purposes including possible buybacks and acquisitions.

By Anna Ferreira

Sep 28, 2026 · 5 min read

Snowflake said Monday it plans a private placement of $3.5 billion of convertible senior notes carrying a 0.00% coupon, one of the larger zero-interest convertible offerings by a U.S. software company this year.

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Anna Ferreira

Senior Correspondent, Corporate Strategy

Anna Ferreira writes for Corporate Insider Inc.

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