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Data 360: 104 Trillion RecordsNarrow moat

Salesforce (CRM) — moat facet

Salesforce's Data 360 ingested 104 trillion records in a quarter, up 355%, but its annual order value is $1 billion against $9 billion for Sales.

Agents are only as good as the data they can reach, and Salesforce is trying to make sure that data passes through it. In the second quarter of fiscal 2027, "Data 360 ingested 104 trillion records, up 355% Y/Y, including 82 trillion via Zero Copy"1, the method that lets Salesforce read data held in a customer's own warehouse without copying it.

Salesforce annual order value by cloud, Q2 FY2027 ($bn)Service10Sales9Data 3601Salesforce Investor Day presentation, September 2026
The data layer is a tenth the size of either core cloud.

Zero Copy is the interesting part. It means Salesforce does not need to own the data to put its agents on top of it; it needs only to be the system that reads it and decides what to do. That is a defence against the obvious threat, a customer whose data already sits in a large cloud warehouse choosing an agent built by someone else.

The order book is still small. At its Investor Day the company put Data 360's annual order value at $1 billion, against $9 billion for Sales and $10 billion for Service2. Combined Agentforce and Data 360 ARR was "nearly $3.9 billion, up over 210% Y/Y"3; the same measure at the fiscal 2026 year end included $1.1 billion of Informatica cloud ARR4.

The data layer widens the moat if it becomes where a customer's agents find their facts. IDC ranked Salesforce second in its new Agent Build and Deploy category with 17.5%5, a third-party estimate.

What would show the bet failing is the ratio of usage to orders. If records ingested keep doubling while Data 360's annual order value stays near $1 billion a year from now, customers will be using the layer without paying much for it.

Moat trajectory: Widening

Records ingested +355%; Zero Copy +731%.

The number that tests this moat
Reported
Data 360 records ingested, latest quarter
104 trillion (Q2 FY2027), up 355% year on year, 82 trillion via Zero Copy

Usage of the data layer; growth with flat order value would mean customers use it without paying.

Source: Salesforce Q2 FY2027 results release ↗
⚠ Threats to the moat
⚠ THREAT 01
Records Are Not Revenue
Salesforce's data volumes rose 355% while the line that holds Data 360 grew about 6% without Informatica.
References
  1. ReportedIn the second quarter of fiscal 2027, "Data 360 ingested 104 trillion records, up 355% Y/Y, including 82 trillion via Zero Copy", the method that lets Salesforce read data held in a customer's own warehouse without copying it.
    Salesforce second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - revenue, margins, EPS, RPO, AI metrics, the two new revenue categories, balance sheet and fiscal 2027 guidance - Agentforce, Data 360 and Slack metrics. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  2. ReportedAt its Investor Day the company put Data 360's annual order value at $1 billion, against $9 billion for Sales and $10 billion for Service.
    Salesforce Investor Day presentation at Dreamforce, 16 September 2026, Form 8-K exhibit 99.1 - fiscal 2030 framework, clouds per customer, annual order value by cloud, AI customer cohort, ARR uplift scenarios, Slack, M&A framework, the accelerated share repurchase and the GAAP to non-GAAP reconciliation for fiscal 2022-2026. — September 2026 · publ. 16 September 2026 · source ↗
  3. ReportedCombined Agentforce and Data 360 ARR was "nearly $3.9 billion, up over 210% Y/Y"; the same measure at the fiscal 2026 year end included $1.1 billion of Informatica cloud ARR.
    Salesforce second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - revenue, margins, EPS, RPO, AI metrics, the two new revenue categories, balance sheet and fiscal 2027 guidance - Agentforce, Data 360 and Slack metrics. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  4. ReportedCombined Agentforce and Data 360 ARR was "nearly $3.9 billion, up over 210% Y/Y"; the same measure at the fiscal 2026 year end included $1.1 billion of Informatica cloud ARR.
    Salesforce fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - margins, cash flow, capital returns, the $50 billion repurchase authorisation, the dividend increase, Agentforce ARR and fiscal 2027 and fiscal 2030 targets. — FY2026 · publ. 25 February 2026 · source ↗
  5. Third-party estimateIDC ranked Salesforce second in its new Agent Build and Deploy category with 17.5%, a third-party estimate.
    Salesforce news, 4 June 2026: IDC Worldwide Semiannual Software Tracker ranks Salesforce first in CRM for a 13th year with 20.0% in 2025; first in Sales for a 14th year, Customer Service a 13th, Marketing a seventh and Integration a fourth; second in Agent Build and Deploy with 17.5%. — 2025 · publ. 4 June 2026 · source ↗
Sources
Generated October 4, 2026