AI advertising platform
AppLovin Corporation
AppLovin matches advertiser demand with publisher inventory through Axon Ads Manager and earns revenue from advertising solutions. It relies on computing and data infrastructure from providers including Google Cloud and Aerospike, and it has also made separate equity investments.
APP Updated Sep 11, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, AppLovin Corporation is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 22 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · US$5,480,717,000 (FY2025, SEC 10-K)
- Segments · Advertising solutions
Revenue from
- Kalshi Medium confidence
Needham's website survey identified Kalshi as a new e-commerce advertising customer that adopted AppLovin's Axon in December 2025. Neither customer spend nor AppLovin revenue attributable to Kalshi was disclosed.Confirms KO NewsPim Published Feb 11, 2026: [GAM] AppLovin ② Countering AI Threats and Expecting E-commerce Expansion - Etsy Medium confidence
Needham's website survey identified Etsy as a new e-commerce advertising customer that adopted AppLovin's Axon in January 2026. Neither customer spend nor AppLovin revenue attributable to Etsy was disclosed.Confirms KO NewsPim Published Feb 11, 2026: [GAM] AppLovin ② Countering AI Threats and Expecting E-commerce Expansion
Pays to
- Alphabet (Google) High confidence
AppLovin uses Google Cloud services including GKE, Cloud CDN, Cloud Storage, and GPU virtual machines for its advertising and AI infrastructure. Its $702.8 million of non-cancelable purchase obligations at year-end 2025 covered an unnamed cloud arrangement, so that company-wide amount is not attributed to Google Cloud in this edge metric.Confirms EN Google Cloud Published Dec 12, 2023: AI-driven growth: AppLovin's journey amplified by Google CloudConfirms EN Google Cloud Published Oct 6, 2022: Google Cloud to power AppLovin’s next phase of growth with leading cloud infrastructure and services - Aerospike Medium confidence
AppLovin uses Aerospike as a real-time data layer for device and user profiles needed in advertising decisions. License and service payments were not disclosed.
Investors
- KKR & Co. High confidence· Amount $400M · 2018 investment · Announced KKR investment in AppLovin
KKR invested $400 million in AppLovin in 2018 and later held more than 10% of voting interests through KKR Denali. KKR Denali sold all remaining shares in 2024 and ceased to be a related party by year-end.
Investments
- Humans, Inc. High confidence· Amount $50M · 2024 investment agreement · Committed investment in Humans Series C preferred stock
AppLovin agreed to invest $50 million in Series C preferred stock of Humans, developer of the Flip Shop social-shopping app. It fully impaired the investment in 2025 after Humans' financial condition deteriorated.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| AppLovin Corporation | node | · | -88.8 | +278.4 | +712.6 | +108.1 | -52.4 |
| Alphabet (Google) | benef1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| KKR & Co. | benef1 | +85.8 | -37 | +80.5 | +79.6 | -13.3 | -15 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Flex Ltd. | benef2 | +1.9 | +17.1 | +41.9 | +67.2 | +57.4 | +81.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| TeraWulf | benef2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| NextEra Energy | benef2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Duke Energy Corporation | benef2 | +19.1 | +2 | -1.6 | +15.6 | +12.7 | +5.3 |
| Xcel Energy | benef2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| Broadcom | benef2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Berkshire Hathaway | benef2 | +29 | +3.3 | +15.5 | +27.1 | +10.9 | +0.7 |
| Comcast Corporation | benef2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
AppLovin Corporation operates across AI advertising platform. After +108.1% in 2025, it gave back -52.4% in 2026. The supply side (avg +8.3%) leads the stock (-52.4%), with spending rippling down to suppliers first. It relies on computing and data infrastructure from providers including Google Cloud and Aerospike, and it has also made separate equity investments.
Analysis generated from returns as of 2026-09-04