(NASDAQ: CRWD) has generated big gains since its public debut in June 2019. The cybersecurity company went public at $34 with a valuation of $6.7 billion, and it now trades at about $300 with a market cap of $70 billion.

The bulls loved CrowdStrike because it was disrupting older cybersecurity companies with its cloud-native services, which locked its customers into sticky subscriptions and eliminated the need for on-site appliances. From fiscal 2020 (which ended in Jan. 2020) to fiscal 2023, its annual revenue grew at a compound annual growth rate (CAGR) of 67% as its total number of subscription customers more than quadrupled from 5,431 to 23,019.

Those breakneck growth rates are impressive, but could CrowdStrike continue expanding and become a trillion-dollar company by 2040? Let's review its business model to see if it has a shot at joining the four-comma club.

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Source Fool.com