# CrowdStrike (CRWD)
> AI 네이티브 사이버보안 1위. FY2026(1월 결산) ARR $5.25B(+24%, 사상 최대)·구독 매출 $4.56B(전체 95%)로, FY36 $200억 ARR 목표를 향한 경로에서 $100억 통과를 겨냥한다. Falcon Flex 라이선스로 33개 모듈(차세대 SIEM·클라우드·신원, 결합 ARR $1.9B+45%)을 묶어 순재계약률 115%로 고객당 지출을 키운다. AI가 위협을 늘릴수록 AI 네이티브 방어 수요가 커지는 구조로, 클라우드·GPU를 사서 기업에 보안을 파는 응용 수요층이다.
Canonical: https://valuechain.wiki/crowdstrike · Updated: 2026-07-12T06:26:03.787+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 CrowdStrike의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 37곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2026(2026.1 결산) ARR $5.25B(+24%)·총매출 $4.81B(+22%)·구독 95%·총이익률 75%(영업손실, 성장투자)
- 고객 집중도: 10% 이상 단일 고객 없음(분산). $20B ARR(FY36) 목표. Falcon Flex·33개 모듈.
- 사업부문: Falcon 구독 (전체 95%), 차세대 SIEM·클라우드·신원 (Falcon Flex)

## Annual stock return (as of 2026-07-10)
- 2021: -3.3%
- 2022: -48.6%
- 2023: +142.5%
- 2024: +34%
- 2025: +37%
- 2026 YTD: +59.7%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CrowdStrike | node | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| 아마존 | benef1 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 샌디스크 | benef2 | · | · | · | · | · | +707.1% |
| Seagate | benef2 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| Marvell | benef2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Ciena | benef2 | +45.6% | -33.8% | -11.7% | +88.4% | +175.8% | +97% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| GE Vernova | benef2 | · | · | · | · | +99% | +67.3% |
| Caterpillar | benef2 | +16% | +18.6% | +25.9% | +24.7% | +60.3% | +67% |
| Wiwynn | benef2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 자빌 | benef2 | +66.4% | -2.5% | +87.4% | +13.3% | +58.7% | +44.9% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| 알칩 | benef2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Quanta | benef2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Cummins | benef2 | -1.7% | +14.1% | +1.7% | +48.9% | +49.4% | +33.3% |
| 글로벌스타 | benef2 | +241.2% | +14.7% | +45.9% | +6.7% | +96.6% | +31.2% |
| Eaton | benef2 | +46.7% | -7.2% | +56.2% | +39.5% | -2.8% | +28.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| Celestica | benef2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Schneider Electric | benef2 | +25.9% | +1.6% | +25.8% | +36.1% | +0.5% | +13% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| 엑셀론 | benef2 | +41.5% | +8.3% | -14% | +9.2% | +20% | +9.3% |
| Procter & Gamble | benef2 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Fabrinet | benef2 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| Talen Energy | benef2 | · | · | · | +214.8% | +86.1% | +2.9% |
| Vistra | benef2 | +19.6% | +5.1% | +70.7% | +261.5% | +17.7% | -1.3% |
| IonQ | benef2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 아모레퍼시픽 | benef2 | -30.1% | -5.7% | -18.4% | +9.9% | +8.2% | -10.5% |
| Quantum Computing Inc | benef2 | -75.8% | -55.7% | -39.5% | +1712.7% | -38% | -15.6% |
| D-Wave Quantum | benef2 | · | -85.3% | -38.9% | +854.5% | +211.3% | -23.2% |
| Nike | benef2 | +18.7% | -29% | -6% | -29.1% | -13.8% | -29.3% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| Murata | benef3 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| SK하이닉스 | benef3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| MDA 스페이스 | benef3 | · | -32.6% | +80% | +156.3% | -9.8% | +80.8% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Sumitomo Electric | benef3 | +11.4% | +6.3% | +30.8% | +52.9% | +139% | +55.3% |
| Delta Electronics | benef3 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Williams | benef3 | +38.4% | +32.8% | +11.9% | +62.3% | +14.9% | +26.6% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Amphenol | benef3 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| FANUC | benef3 | -16.5% | +4.4% | -8.1% | +15.6% | +37.7% | +15.3% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| NVIDIA | benef3 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| Cameco | benef3 | +63.2% | +4.3% | +90.5% | +19.5% | +78.4% | +4.9% |
| 에어버스 | benef3 | +34.8% | +3.9% | +30.5% | +15% | +18.3% | +3.9% |
| 메타 플랫폼스 | benef3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| 스페이스X | benef3 | · | · | · | · | · | +0.7% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| Phison | benef3 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| 아비오 | benef3 | -9.9% | -4.7% | -17.1% | +98.4% | +117% | -10.8% |
| TE Connectivity | benef3 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Rigetti Computing | benef3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| UBTech | benef3 | · | · | · | -21.6% | +95.4% | -39.2% |

크라우드스트라이크의 논점은 'AI 네이티브 보안의 플랫폼 통합 + 반복매출 복리'다. ARR $4.24B(+23%)에서 $100억을 겨냥하며, Falcon Flex로 차세대 SIEM·클라우드·신원보안을 하나로 묶어 고객당 지출과 순증 ARR을 키운다 — 보안 예산이 단일 플랫폼으로 통합될수록 해자가 깊어지는 구조다. AI가 위협을 늘릴수록 AI 네이티브 방어 수요가 커지지만, 스스로도 AWS 클라우드와 엔비디아 GPU를 사서 탐지 모델을 돌리는 응용 수요층이라 인프라 비용에 노출된다. 관전 포인트는 $10B ARR 경로의 순증 지속성과 모듈 교차판매율이다. (analysis as of 2026-07-09)

## Money in · revenue from (2)
### 기업 (Falcon AI 보안 구독) (high)
- metric: arr $5.3B · FY2026
- note: 기업에 Falcon AI 네이티브 보안 구독(ARR $4.24B, +23%).
- [mentions] Morgan Stanley·consensus (via MarketBeat) (EN, research, published 2026-06-01) https://www.marketbeat.com/stocks/NASDAQ/CRWD/forecast/: "Analyst consensus Buy (43 analysts), average target ~$674; Morgan Stanley Overweight, on record ARR and Falcon platform consolidation."
- [confirms] CrowdStrike (SEC EDGAR) (EN, filing, published 2026-03-05) https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm: "Ending ARR $5,252,751K (+24%), $1.0B net new ARR in fiscal 2026; subscription revenue $4,564,683K (95% of revenue); dollar-based net retention 115%."
- [confirms] FinancialContent (EN, research, published 2025-10-06) https://markets.financialcontent.com/wral/article/predictstreet-2025-10-6-crowdstrike-crwd-a-deep-dive-into-the-ai-native-cybersecurity-leader: "기업에 Falcon AI 네이티브 보안 구독(ARR $4.24B, +23%)."
- [confirms] CrowdStrike (EN, filing, published 2025-03-04) https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-fourth-quarter-and-fiscal-year-2025/: "기업에 Falcon AI 네이티브 보안 구독(ARR $4.24B, +23%)."

### 차세대 SIEM·클라우드·신원 (Falcon Flex) (high)
- metric: arr bundle $1.9B · FY2026
- note: SIEM·클라우드·신원보안 모듈(결합 ARR $1.3B+).
- [confirms] CrowdStrike (SEC EDGAR) (EN, filing, published 2026-03-05) https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm: "Falcon delivered 32 cloud modules as of Jan 31, 2026 (33 currently); Cloud Security, Next-Gen SIEM and Next-Gen Identity together exceeded $1.9B ARR, growing 45%+ YoY."
- [confirms] CrowdStrike (EN, filing, published 2025-03-04) https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-fourth-quarter-and-fiscal-year-2025/: "SIEM·클라우드·신원보안 모듈(결합 ARR $1.3B+)."

## Money out · pays to (3)
### 아마존 (mid)  → /amazon.md
- note: AWS 등 클라우드 위에서 Falcon 플랫폼 운영.
- [confirms] CrowdStrike (SEC EDGAR) (EN, filing, published 2026-03-05) https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm: "Falcon is a cloud-delivered SaaS platform; CrowdStrike runs on public cloud infrastructure (AWS) — value undisclosed."
- [confirms] MLQ (EN, news, published 2025-12-01) https://mlq.ai/stocks/CRWD/q3-2025-earnings/: "AWS 등 클라우드 위에서 Falcon 플랫폼 운영."

### 인프라·R&D (비공개) (low)
- metric: rnd $1.4B · FY2026
- note: 클라우드 인프라·R&D.
- [confirms] CrowdStrike (SEC EDGAR) (EN, filing, published 2026-03-05) https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm: "FY2026 R&D expense $1,384.8M; gross margin 75%; heavy reinvestment (operating loss) to scale the Falcon platform."
- [confirms] CrowdStrike (EN, filing, published 2025-03-04) https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-fourth-quarter-and-fiscal-year-2025/: "클라우드 인프라·R&D."

### NVIDIA (low)  → /nvidia.md
- note: 위협 탐지 AI 모델에 NVIDIA GPU.
- [confirms] CrowdStrike (SEC EDGAR) (EN, filing, published 2026-03-05) https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm: "CrowdStrike partners with NVIDIA on AI (Charlotte AI / accelerated security analytics); GPU/compute cost undisclosed."
- [confirms] FinancialContent (EN, research, published 2025-10-06) https://markets.financialcontent.com/wral/article/predictstreet-2025-10-6-crowdstrike-crwd-a-deep-dive-into-the-ai-native-cybersecurity-leader: "위협 탐지 AI 모델에 NVIDIA GPU."
- [confirms] 디지털투데이 (KO, news, published 2025-04-29) https://www.digitaltoday.co.kr/news/articleView.html?idxno=564055: "엔비디아가 자율 AI 보안 프레임워크를 개발했고, 주요 파트너인 크라우드스트라이크, 트렌드마이크로, 암독스 등이 이미 이 기술을 통합했다. 크라우드스트라이크가 엔비디아의 주요 파트너로 명시된다."
- [confirms] 크라우드스트라이크 (EN, ir, published 2024-03-18) https://www.crowdstrike.com/en-us/press-releases/crowdstrike-nvidia-generative-ai-collaboration/: "크라우드스트라이크는 엔비디아 가속 컴퓨팅, 엔비디아 모피어스, 엔비디아 NIM 마이크로서비스를 활용해 팰컨 플랫폼 데이터를 엔비디아의 GPU 최적화 AI 파이프라인과 결합한다. 엔비디아의 AI 컴퓨팅이 팰컨 플랫폼의 비용·기술 투입이 된다."

## Investments (1)
### M&A·자사주 ($10억 프로그램·플랫폼 확장) (high)
- metric: 금액 $1B · FY2026 · 자사주 매입 승인액
- note: 크라우드스트라이크의 자본배치는 두 갈래다 — ①모듈 확장을 위한 기술·기업 인수(Falcon에 통합되는 신규 모듈), ②2025년 6월 승인한 $10억 자사주 매입 프로그램. 아직 영업손실(FY2026 순손실 $1.6억)의 성장 투자 국면이나, 인수로 33개 모듈 플랫폼을 넓히고 잉여현금을 자사주로 환원하기 시작했다.
- [confirms] CrowdStrike (SEC EDGAR) (EN, filing, published 2026-03-05) https://www.sec.gov/Archives/edgar/data/1535527/000153552726000010/crwd-20260131.htm: "In June 2025, our board authorized a program to repurchase up to $1.0 billion of our common stock; the Falcon platform encompasses recently acquired technologies."

## 질문별 엔드포인트
- 누가 크라우드스트라이크의 고객인가? 크라우드스트라이크의 매출은 어디서 오는가? → https://valuechain.wiki/crowdstrike/customers.md
- 크라우드스트라이크의 주요 공급사는 어디인가? 크라우드스트라이크의 비용은 누구에게 가는가? → https://valuechain.wiki/crowdstrike/suppliers.md
- 크라우드스트라이크 주가가 움직이면 누가 수혜를 보는가? 크라우드스트라이크의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/crowdstrike/ripple.md
- 증권가가 보는 크라우드스트라이크: 목표주가와 투자의견은? → https://valuechain.wiki/crowdstrike/consensus.md

## 이 노드를 다룬 분석 (1)
- [주문은 실측, 매출은 서사: 프론티어마다 인프라가 먼저 오른다](https://valuechain.wiki/analysis/frontiers-infra-before-application.md) (2026-06-23)

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