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Koa

Salesforce · 5× · tolest 16. Sept. 2026

Momentum

Koa is Salesforce's first proprietary CRM Reasoning model for Agentforce, developed in collaboration with Nvidia and built on the open Nemotron-3-Super-120B model. It was trained through Post-Training (SFT + Reinforcement Learning/GRPO) using synthetic data from approximately 27 years of Salesforce CRM expertise, without using real customer data. Koa is designed to solve complex, multi-step CRM tasks (Opportunity updates, case routing, appointment scheduling) with fewer errors than generic models and runs entirely within Salesforce infrastructure ("Trust Boundary"). General availability is scheduled for Winter 2026 in US regions; Koa is currently in extended customer pilots.

Momentum-Verloop

18.06.16.09.

Features

Key Benchmark (%)	CRM Bench: 3x fewer errors than leading models; 11% more precise action selection, 2.1x more reliable context recall, 15% better long-conversation memory; Tau2Bench: 69.41 vs 68.64 (base model)
License	Not released as open download; Salesforce controls the weights and runs Koa within its own infrastructure (base model Nemotron 3 Super is open-weight, but Koa itself has no announced open weights)
Multimodality	No official statement for Koa specifically; base model Nemotron 3 Super is text-only (no image input)
Platform	Agentforce (as managed LLM in Data Cloud model catalogue, org-wide as model provider, or in Prompt Builder at agent/sub-agent level); also for Missionforce (government/regulated environments)
Release Date	Announced September 15, 2026 (Dreamforce); GA planned Winter 2026 (U.S.)

Mehr Produkten in disse Kategorie: Frontier-Spraakmodelle

Belege (5)

Company Analysis: Salesforce

As of 04/09/2026

HOLDSynthszr Vote

With current price unspecified, a fully price-sensitive call (BUY vs SELL) cannot be made rigorously. On fundamentals and verified near-term disclosures, Salesforce shows continued profitable growth (raised FY27 revenue guidance to $46.1B–$46.4B; maintained non-GAAP operating margin guidance at 34.3%) and maintained FY27 operating/free cash flow growth guidance (~4%–5%). (investor.salesforce.com) The last-90-days newsflow is supportive of the strategic direction (AI partnerships and Agentforce/Slack AI enablement), but the investment debate remains centered on the pace of AI monetization versus what is already embedded in valuation (forward P/E ~17.7x per third-party data). (investor.salesforce.com) Therefore, HOLD is the most data-consistent stance until you provide the current price (or your entry price) and until upcoming quarters provide more quantified evidence of AI-driven net expansion and bookings durability under the new revenue disclosure structure. (investor.salesforce.com)

Summary

Salesforce (CRM) is a subscription-led enterprise software company centered on Customer 360 (Sales, Service, Platform, Integration, Analytics, Industry Clouds) with an expanding AI layer (Agentforce) and data foundation (Data 360 / Data Cloud) that aims to unify customer data, automate workflows, and embed analytics and actions across applications (notably Slack and Tableau). Revenue is primarily recurring (subscription & support), with professional services as a smaller, lower-margin component. Core competencies include enterprise-grade CRM workflows, large-scale multi-tenant cloud operations, ecosystem distribution (AppExchange/partners), and increasingly, data + AI orchestration across business functions. Market position remains category-leading in CRM with broad enterprise penetration and a large installed base that supports cross-sell into platform, data, analytics, and collaboration. Competitive advantages are (1) breadth of suite and workflow depth, (2) embedded distribution via existing CRM footprints, (3) a growing “system of record + system of engagement” combination through Slack/Tableau, and (4) improving operating discipline that has structurally lifted margins. In the most recent quarter (fiscal 2027 Q2 ended July 31, 2026; reported August 26, 2026), Salesforce reported record results and raised full-year FY27 revenue guidance to $46.1B–$46.4B (11%–12% Y/Y; ~11% in constant currency). It updated FY27 GAAP operating margin guidance to 20.1% and maintained non-GAAP operating margin guidance at 34.3%. It also maintained FY27 operating cash flow and free cash flow growth guidance of ~4%–5% Y/Y. (investor.salesforce.com) Product/newsflow in the last ~90 days has been AI-centric: Salesforce announced “Claudeforce” with Anthropic, positioning Claude as a default model across several Salesforce/Slack AI experiences and indicating an open beta expected in September 2026. (investor.salesforce.com) Separately, Salesforce’s Summer ’26 release materials highlight Agentforce builder/agent tooling becoming more central and broadly available to developers/admins. (developer.salesforce.com) Valuation and key metrics (current price not provided): third-party market data (as of Sep 1, 2026) indicates a trailing P/E around ~23.9x and forward P/E around ~17.7x, with market cap ~US$212B. (stockanalysis.com) Converting the market cap to EUR using the ECB EUR/USD reference rate (4 Sep 2026: 1 EUR = 1.1622 USD) implies ~€183B market cap (approx.). (ecb.europa.eu) Outlook (short- to medium-term): management’s raised FY27 revenue guide and maintained non-GAAP margin guide indicate continued profitable growth, while near-term investor focus is likely to remain on (a) AI monetization pace (Agentforce/Slack AI/Data 360 attach), (b) durability of margin expansion and cash conversion, and (c) bookings indicators (e.g., cRPO) as enterprise IT budgets normalize. (investor.salesforce.com)

Key Takeaways

FY27 guidance was raised: revenue now $46.1B–$46.4B (11%–12% Y/Y), while non-GAAP operating margin guidance is maintained at 34.3%. (investor.salesforce.com)
Profitability and cash generation remain central to the equity story: FY27 operating cash flow and free cash flow growth guidance is maintained at ~4%–5% Y/Y. (salesforce.com)
AI productization is accelerating in go-to-market messaging and releases (Agentforce tooling; Slack AI integrations; Anthropic/Claudeforce partnership with planned broader availability). (developer.salesforce.com)
Valuation (price not provided) screens as mid-to-high teens forward earnings on third-party data (forward P/E ~17.7x; trailing P/E ~23.9x as of Sep 1, 2026), which makes execution on AI attach and sustained margins key to multiple support. (stockanalysis.com)
Reporting structure is evolving to reflect the “Agentic Enterprise” architecture (recast disaggregated revenue into Agentforce Apps vs Data 360/Headless Platform/Other), which may change how investors track mix and growth drivers. (investor.salesforce.com)

Action Ideas

BUY

Quality compounder setup if you prioritize (1) raised FY27 revenue guidance, (2) maintained high non-GAAP operating margin guidance (34.3%), and (3) continued cash flow growth guidance. The near-term catalyst set is execution against FY27 guidance and evidence that AI-led products (Agentforce/Slack AI/Data 360) are contributing to net expansion and bookings, supported by recent AI partnership announcements and platform releases.

Horizon: 12 mo.

HOLD

Appropriate if you already own CRM and want to stay aligned with management’s FY27 framework while waiting for clearer proof points on AI attach rates and the new revenue disclosure categories. The company has provided a relatively stable profitability and cash flow profile (maintained FY27 cash flow growth guidance) and raised revenue guidance, which supports holding through the next 1–2 quarters of execution updates.

Horizon: 6 mo.

SELL

Consider if your mandate requires near-term, low-variance outcomes and you view the current valuation (forward P/E ~17.7x per third-party data) as fully reflecting FY27 guidance and AI optionality. In that case, risk/reward may be less attractive until there is more quantified disclosure of AI-driven revenue uplift and durable bookings acceleration.

Horizon: 3 mo.

Contrarian Insights

• The market may be underestimating how much the *reporting re-architecture* (Agentforce Apps vs Data 360/Headless Platform/Other) can change investor perception of growth quality and mix. If higher-growth components become more visible, the multiple could be supported even without a major top-line acceleration. (investor.salesforce.com)
• Consensus enthusiasm around AI could be over-weighting near-term revenue impact versus near-term margin/cash flow discipline. Salesforce’s maintained non-GAAP margin guide (34.3%) and modest FY27 FCF growth guide (~4%–5%) suggest management is balancing investment with profitability; if AI ramps require higher opex/capex than expected, the first signal may be in cash flow rather than revenue. (salesforce.com)

Koa