Korea's largest e-commerce (Rocket Delivery), an Amazon-style retailer running on AWS
Coupang
Coupang dominates Korean e-commerce with its Rocket Delivery. Its 2024 net revenue of $30.3 billion (about KRW 41 trillion) made it the first Korean retailer past KRW 40 trillion, split into Product Commerce (Rocket Delivery, WOW membership, ads) and Developing Offerings (Coupang Eats, Farfetch, Play, Fintech, international). Its services run on Amazon Web Services (AWS) data centers, and it recently launched its own Coupang Intelligent Cloud to follow Amazon's model.
CPNG Updated Jul 12, 2026 4 AI consumers
Per the valuechain.wiki graph, Coupang is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 37 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'22-49.9%'23+10.1%'24+35.8%'25+7.3%YTD-20.3%
Money in ▸한국 소비자 (로켓배송·와우 멤버십)●Amount $26.7B신성장 이용자·명품 소비자 (쿠팡이츠·파페치·플레이)●Amount $3.6B광고주 (쿠팡 광고·리테일 미디어)◐Amount $34.5B
Coupang$34.5B
▸ Money out물류·풀필먼트·라스트마일 배송 (비공개)●Amount $34.5B상품 매입·재고 (1P 리테일 매입, 비공개)●Amount $34.5BAmazon●Amount $34.5BAmorepacific●CJ CheilJedang●
Financials & Segments
- Total revenue · $34.5B (2025, +14%; +18% FX-neutral), operating income $473M, gross profit $10.1B (29.4% GM)
- Customer concentration · Revenue is concentrated in Korean consumption and service infrastructure depends on AWS (hard to switch). Profitable commerce funds the loss-making growth businesses — the Korean consumer cycle and cloud cost are the two axes.
- Segments · Product Commerce · Developing Offerings
Revenue from
- 한국 소비자 (로켓배송·와우 멤버십) High confidence· Amount $26.7B · FY2024 · Product Commerce segment net revenue
The Product Commerce segment earned $26.7B in 2024 from Rocket Delivery, marketplace and WOW membership; WOW was raised to KRW 7,890/month in 2024 and bundles Rocket Delivery and free delivery. This is the Korean-consumption axis and most of revenue.Confirms EN SEC filing (Coupang results) Published Feb 26, 2026: Coupang Q4/FY2025 results (revenue $34.5B, +14%)Confirms EN KED Global Published Feb 26, 2025: Coupang posts profit for 2 straight years in 2024 on new growth drivers - 신성장 이용자·명품 소비자 (쿠팡이츠·파페치·플레이) High confidence· Amount $3.6B · FY2024 · Developing Offerings segment net revenue
The Developing Offerings segment earned $3.6B in 2024 (+352%) from Coupang Eats, Farfetch, Play, Fintech and international; Farfetch posted $1.7B revenue and its first quarterly adjusted-EBITDA profit in Q4, and Coupang Eats GMV was about KRW 5 trillion.Confirms EN KED Global Published Feb 26, 2025: Coupang posts profit for 2 straight years in 2024 on new growth drivers - 광고주 (쿠팡 광고·리테일 미디어) Medium confidence· Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
Coupang earns high-margin retail-media advertising revenue (Coupang Ads) from sellers and brands, a driver of Product Commerce profitability; specific ad revenue is not separately disclosed.Mentions EN Morgan Stanley (via Investing.com) Published May 15, 2026: Morgan Stanley Overweight, target $28 (consensus Buy, avg $26.1)Mentions EN KED Global Published Feb 26, 2025: Coupang posts profit for 2 straight years in 2024 on new growth drivers
Pays to
- 물류·풀필먼트·라스트마일 배송 (비공개) High confidence· Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
Fulfillment-center operations and last-mile delivery (Coupang's own delivery workforce) behind Rocket Delivery are a major cost axis, including nationwide logistics investment and labor. Specific vendors are undisclosed.Mentions KO Byline Network Published Jul 2, 2025: Copying Amazon, Coupang enters the cloud market like AWS - 상품 매입·재고 (1P 리테일 매입, 비공개) High confidence· Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
Coupang runs a large first-party (1P) retail model, so cost of inventory is its biggest cost; it buys stock from manufacturers, brands and wholesalers to sell via Rocket Delivery. Specific suppliers are undisclosed.Mentions EN KED Global Published Feb 26, 2025: Coupang posts profit for 2 straight years in 2024 on new growth drivers - Amazon High confidence· Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
Coupang's app and web services run on Amazon Web Services (AWS) data centers. Its 10-K discloses that it has no physical access or control over AWS and cannot quickly switch to another cloud provider. AWS is a core cloud cost for Coupang and its link into the AI chain.Confirms EN SEC filing (Coupang results) Published Feb 26, 2026: Coupang Q4/FY2025 results (revenue $34.5B, +14%)Confirms KO Byline Network Published Jul 2, 2025: Copying Amazon, Coupang enters the cloud market like AWS - Amorepacific High confidence
Runs an official Amorepacific brand store on Coupang, selling Illiyoon, Labo-H, Mise-en-scene, Ryo and Happy Bath directly; a core domestic e-commerce channel. - CJ CheilJedang High confidence
Direct B2B supply of Hatban and Bibigo mandu to Coupang Rocket Delivery, resumed Aug 2024 after a ~2-year pricing standoff that began in late 2022.Confirms KO KL News Published Aug 1, 2024: Coupang and CJ CheilJedang resume Hatban/Bibigo Rocket Delivery after supply dispute
Investments
- Growth investments (Farfetch acquisition, Taiwan, Eats, fintech) High confidence· Amount $-995,000,000 · 신성장 FY2025 조정 EBITDA
Deploying profitable-commerce cash into growth — acquired Farfetch (luxury platform) in Jan 2024 and invests upfront in Taiwan, Coupang Eats, Play and fintech. The Developing Offerings FY2025 adjusted EBITDA of -$995M (vs -$631M) is the pre-return burden of these growth investments.Mentions EN Morgan Stanley (via Investing.com) Published May 15, 2026: Morgan Stanley Overweight, target $28 (consensus Buy, avg $26.1)
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 |
|---|---|---|---|---|---|---|---|
| Coupang | node | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| CJ CheilJedang | benef1 | -17.7 | +1.1 | -14.5 | -15.7 | -8.9 | -9.3 |
| Amorepacific | benef1 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -10.5 |
| SanDisk | benef2 | · | · | · | · | · | +707.1 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +44.9 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +9.3 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | +3.5 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | +2.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -15.6 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -29.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
Coupang operates across Korea's largest e-commerce (Rocket Delivery), an Amazon-style retailer running on AWS. It is -18.8% in 2026. The stock (-18.8%) and its supply side (avg -4.3%) are moving in step. Among connected nodes the furthest ahead is Amazon (+7%) and the furthest behind is Amorepacific (-10.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its services run on Amazon Web Services (AWS) data centers, and it recently launched its own Coupang Intelligent Cloud to follow Amazon's model.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 1 · Sell 1 · Avg. target $24 · Price $18.8 (07-10) · Upside +28%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Bank of America Securities · Ahyung Cho | Buy | $27 | Jun 25, 2026 | Report ↗ |
| Barclays · Jiong Shao | Overweight | $30 | Jun 12, 2026 | Report ↗ |
| Morgan Stanley · Seyon Park | Overweight | $28 | Jun 11, 2026 | Report ↗ |
| Bernstein · Min-Joo Kang | Underperform | $12 | Jun 5, 2026 | Report ↗ |
| Citi · Paul Hwang | Neutral | $22 | May 5, 2026 | Report ↗ |
Buy at $27, based on Korean retail dominance and high-margin growth in advertising and membership.
Analyses covering this node
- Consumption does not run on one clock: staples, discretionary, luxury diverge Jul 5, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026