Palo Alto's 120% NRR lives entirely in 2,280 "platformized" customers out of 70,000.

At $11.4B revenue run-rate (+24% YoY), Next-Gen Security ARR grew 60% (28% organic) with 120% NRR and single-digit churn, but only among ~2,280 multi-product accounts, targeting 4,000 by 2030 (SaaStr). The $25B CyberArk acquisition closed February 2026, beat internal targets by 3–6 months after an initial 25% stock drop, stock since doubled to ~$265B market cap. The AI mechanics named: machine-to-machine call explosion from agents, ransomware dwell time compressed to 25 minutes, credentialed agent identities, telemetry scaling with GPU spend rather than headcount. Agents expand incumbent security TAM while making point solutions harder to sell standalone.