CrowdStrike (CRWD) added $333 million of net new annual recurring revenue in fiscal Q2 2027, a record and 51% more than a year earlier. That figure is the case for a stock at its 52-week high, up 117% over the past year. It is also the number to worry about. At 44.5 times sales, the price looks built on that pace, and the company’s own guide for fiscal Q3 2027 calls for a slower one.

CrowdStrike Is Still Speeding Up

Quarter by quarter, growth is picking up. Revenue growth accelerated for the fifth consecutive quarter, to 26%, in fiscal Q2 2027.

The Falcon platform began as endpoint security, and management says much of its customers’ AI is consumed on the endpoint. Since April, when new AI models made security a…