Box Inc (BOX.N): AMA with CEO: Content Having its Moment, Box AI Monetization Becoming Clear

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Box Inc (BOX.N): AMA with CEO: Content Having its Moment, Box AI Monetization Becoming Clear

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09 Jul 2026 21:40:00 ET │ 13 pages

Box Inc (BOX.N)

AMA with CEO: Content Having its Moment, Box AI Monetization

Becoming Clear

CITI'S TAKE Buy

Price (09 Jul 26 16:00) US$28.80 We hosted Box CEO Aaron Levie for a conversation centered on Box AI,

Target price US$37.00 enterprise AI adoption, and emerging agent use cases (replay available

here). Enterprise agent adoption is still early with customers still Expected share price return 28.5%

struggling to leverage agents in specific workflows as fragmented data Expected dividend yield 0.0%

remains a key constraint that is driving incremental demand to Box, yet, Expected total return 28.5%

management believes that most enterprises will want a model neutral Market Cap US$3,990M

architecture that will drive increased importance to the applied AI layers.

Box sees multiple levers to sustain growth including Enterprise Advanced

(EA) adoption, AI/API platform usage, and seat growth (not hearing about

headwinds) while continuing to invest in headcount to support growth Steven Enders, CFAAC

despite internal AI adoption. We come away from the conversation with +1-415-951-1745

increased clarity on the Box AI monetization model and confidence in NT steven.enders@citi.com

demand with increased priority from enterprise modernization initiatives

to enable agentic experiences as we reiterate Box as a Top Pick.

Box AI adoption/monetization strategy — Box is positioning itself as the AI

platform for enterprise unstructured data, enabling internal and third-party agents

to operate across content repositories and execute workflows. Management views

the emergence of agents as a fundamental breakthrough for leveraging enterprise

content (e.g.