Salesforce (NYSE: CRM) has minted plenty of millionaires since its public debut in 2004. If you had invested $10,000 in the cloud software maker's IPO at $2.75 per split-adjusted share, your investment would be worth just over $1 million today.

That 100-bagger gain was driven by its first mover's advantage in the cloud-based customer relationship management (CRM) market and its expansion into the commerce, marketing, analytics, and data visualization markets.

From fiscal 2004 to fiscal 2024 (which ended this January), Salesforce's revenue rose at a compound annual growth rate (CAGR) of 34%, while its net income grew at a CAGR of 61%. That was an impressive run, but can Salesforce keep growing and turn a fresh $10,000 investment into more than $1 million again over the next two decades?

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Source Fool.com