Shares of the software stock popped more than 111% in its initial public offering. The stock priced at $120 per share on Tuesday night before opening trading at $245 per share. The company has been backed by high profile investors, including Warren Buffett’s Berkshire Hathaway. Doug Clinton, managing partner at Loup Ventures, joins "Squawk Box" to discuss what Snowflake's IPO means for investors. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Cloud company Snowflake shares surged more than 111% in its market debut on the New York Stock Exchange on Wednesday in the largest ever software IPO.

The stock began trading at $245 per share and closed at $253.93. A day earlier, Snowflake priced shares at $120, higher than the $100 to $110 range it estimated on Monday, and a huge bump from the $75 to $85 range it proposed last week.

Snowflake was worth $70.4 billion at the end of trading, more than five times its $12.4 billion valuation in February.

“A stock is worth exactly what somebody wants to pay for it,” CEO Frank Slootman told CNBC just after the stock began trading. “It’s like talking about the weather, it is what it is. Tomorrow’s another day, we’ll see what it brings.”

The company raised more $3 billion based on its opening price, the most ever for a software company. The stock trades under the symbol SNOW.

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