Key Takeaways
- CrowdStrike shares rose 3.6% today after it expanded its AI agent security work with NVIDIA, and Zscaler, Okta and Palo Alto Networks, which are also NVIDIA security partners, rose too.
- The collaboration expands CrowdStrike’s AI agent security work, but NVIDIA named 11 cybersecurity partners, so the opportunity isn’t exclusive to CrowdStrike.
- Analysts expect CrowdStrike’s revenue to nearly double to $9.02 billion by the year ending January 2029, and those estimates have barely moved this year.
- CrowdStrike trades at 161x forward earnings, well above its five-year average of 115x, so its next report in early December is the one to watch.
CrowdStrike (CRWD) shares rose 3.6% today after the company expanded its AI agent security work with NVIDIA (NVDA), taking it “from software to silicon.”
And CrowdStrike had company. It’s one of 11 cybersecurity companies NVIDIA named as building support for its new OpenShell Reference Architecture, along with Zscaler (ZS), up 5.7%, Okta (OKTA), up 4.7%, and Palo Alto Networks (PANW), up 2.3%.
From software to silicon
At GTC Berlin this morning, NVIDIA launched its OpenShell Reference Architecture, a full stack for running AI agents safely. The key piece is NVIDIA Sentry, software on its BlueField-4 chips that NVIDIA says can stop a rogue agent within milliseconds.
Later that morning, CrowdStrike said it’s plugging Falcon Guardian, its AI Detection and Response product, into OpenShell’s runtime software. It also plans to connect Falcon Guardian to Sentry on BlueField-4.
In CrowdStrike’s announcement, Daniel Bernard, its chief business officer, didn’t undersell it:
“Together with NVIDIA, we’re setting the standard for securing autonomous AI, from detecting threats in software to stopping them at the silicon level.”
The silicon part is still a plan, though, and neither company disclosed financial terms.
TIKR tracks 54 analysts on CrowdStrike. How many say “Buy”?
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The numbers haven’t caught up yet
CrowdStrike’s business is already strong: net new ARR hit a record $333 million in the quarter ended July 31, up 51% from a year earlier.
Analysts still expect revenue to grow from $4.81 billion in the year ended January 2026 to $9.02 billion in the year ending January 2029, about 23% a year.
And Wall Street has barely raised those estimates, even as the stock more than doubled in 2026.
Investors, meanwhile, are paying up. CrowdStrike trades at 161x forward earnings, well above its five-year average of 115x.
(It’s still a long way from its 482x peak in November 2021.)
CrowdStrike Stock Already Prices In a Lot
Today’s announcement has CrowdStrike integrating with NVIDIA’s OpenShell runtime now, with a Sentry integration at the silicon layer still planned. CrowdStrike is also one of 11 cybersecurity companies supporting the broader architecture, Zscaler and Okta included. At 161x forward earnings, the stock is priced as if CrowdStrike already owns this market, so I’d wait for agent security to show up in net new ARR before buying more.
The first chance comes with the report for the quarter ending Oct. 31, expected in early December. Net new ARR growth ahead of the raised 34% full-year outlook would give analysts a reason to lift that $9.02 billion forecast.
So what is CrowdStrike stock actually worth?
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