AI-native cybersecurity (Falcon)
CrowdStrike
The leader in AI-native cybersecurity. FY2026 (ended Jan) ARR $5.25B (+24%, record) and subscription revenue $4.56B (95% of revenue) put it on the path toward a $20B ARR goal by FY36, aiming to pass $10B. Falcon Flex licensing bundles 33 modules (Next-Gen SIEM, Cloud, Identity — a $1.9B+ ARR bundle, +45%) and lifts spend per customer at 115% net retention. As AI multiplies threats, demand for AI-native defense grows — an applications-layer buyer that buys cloud and GPUs to sell security to enterprises.
CRWD Updated Jul 12, 2026 4 AI consumers
Per the valuechain.wiki graph, CrowdStrike is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 37 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2026 (ended Jan 2026) ARR $5.25B (+24%), total revenue $4.81B (+22%), subscription 95%, 75% gross margin (operating loss, growth investment)
- Customer concentration · No single customer >10% (diversified). $20B ARR goal by FY36. Falcon Flex, 33 modules.
- Segments · Falcon subscription (95% of revenue) · Next-Gen SIEM, Cloud & Identity (Falcon Flex)
Revenue from
- Enterprises (Falcon AI security subscription) High confidence· arr $5.3B · FY2026
Falcon AI-native security subscriptions to enterprises (ARR $4.24B, +23%).Mentions EN Morgan Stanley·consensus (via MarketBeat) Published Jun 1, 2026: CrowdStrike analyst Buy, consensus target ~$674 (Morgan Stanley Overweight)Confirms EN CrowdStrike (SEC EDGAR) Published Mar 5, 2026: CrowdStrike Form 10-K (FY2026, ended Jan 31 2026) - Next-gen SIEM · cloud · identity (Falcon Flex) High confidence· arr bundle $1.9B · FY2026
Next-Gen SIEM, cloud and identity modules (combined ARR $1.3B+).Confirms EN CrowdStrike (SEC EDGAR) Published Mar 5, 2026: CrowdStrike Form 10-K (FY2026, ended Jan 31 2026)
Pays to
- Amazon Medium confidence
Runs the Falcon platform on cloud like AWS.Confirms EN CrowdStrike (SEC EDGAR) Published Mar 5, 2026: CrowdStrike Form 10-K (FY2026, ended Jan 31 2026) - infrastructure & R&D (undisclosed) Low confidence· rnd $1.4B · FY2026
Cloud infrastructure and R&D.Confirms EN CrowdStrike (SEC EDGAR) Published Mar 5, 2026: CrowdStrike Form 10-K (FY2026, ended Jan 31 2026) - NVIDIA Low confidence
NVIDIA GPUs for threat-detection AI models.Confirms EN CrowdStrike (SEC EDGAR) Published Mar 5, 2026: CrowdStrike Form 10-K (FY2026, ended Jan 31 2026)Confirms KO DigitalToday Published Apr 29, 2025: NVIDIA unveils Argus agent for AI security threat detectionConfirms EN CrowdStrike Published Mar 18, 2024: CrowdStrike Collaborates with NVIDIA to Advance Cybersecurity with Generative AI
Investments
- M&A & buybacks ($1.0B program, platform expansion) High confidence· Amount $1B · FY2026 · authorized buyback
CrowdStrike's capital allocation has two legs — (i) acquisitions of technologies/companies to expand modules (integrated into Falcon), and (ii) a $1.0B share-repurchase program authorized in June 2025. Still in a growth-investment phase (FY2026 net loss $162M), but it widens the 33-module platform via M&A and has begun returning free cash flow through buybacks.Confirms EN CrowdStrike (SEC EDGAR) Published Mar 5, 2026: CrowdStrike Form 10-K (FY2026, ended Jan 31 2026)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | node | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| SanDisk | benef2 | · | · | · | · | · | +707.1 |
| Seagate Technology | 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 |
| Credo Technology | 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 |
| Jabil | 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 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | 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 |
| Globalstar | 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 (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Exelon | 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 |
| Amorepacific | 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 |
YTD as of 2026-07-10 · source: Yahoo Finance
CrowdStrike's thesis is 'platform consolidation in AI-native security plus compounding recurring revenue.' From ARR of $4.24B (+23%) it targets $10B, and Falcon Flex bundles Next-Gen SIEM, cloud and identity into one to grow spend per customer and net-new ARR — the more security budgets consolidate onto a single platform, the deeper the moat. As AI raises threats, demand for AI-native defense grows, yet it is itself an application layer that buys AWS cloud and NVIDIA GPUs to run detection models, exposing it to infrastructure cost. What to watch is the durability of net-new ARR on the $10B path and the module cross-sell rate.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $382 · Price $187.18 (07-10) · Upside +104%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS | Buy | $235 | Jul 7, 2026 | Report ↗ |
| Stifel · Adam Borg | Buy | $220 | Jul 6, 2026 | Report ↗ |
| Morgan Stanley | Overweight | $690 | Jun 4, 2026 | Report ↗ |
Even after the 4-for-1 split (Jul 2, 2026), UBS and Stifel keep Buy ratings and raising targets on the AI-driven security demand cycle.
Analyses covering this node
- Orders are measured, revenue is narrative: on every frontier, infrastructure re-rates first Jun 23, 2026