Coupang, Inc. (CPNG): Business Model Canvas [Dec-2025 Updated]

You're looking to crack the code on how Coupang, Inc. built its dominant e-commerce machine, and honestly, it's more than just fast delivery; their vertically integrated ecosystem, powered by that Rocket Delivery network and the sticky Rocket WOW subscription, is the real story, driving revenue to $9.3 billion in Q3 alone and keeping 24.7 million active users hooked. As an analyst who's seen a few cycles, I can tell you this model is built on logistics dominance and deep customer loyalty, which is why they're seeing $1.3 billion in TTM Free Cash Flow. We've broken down their entire nine-block strategy-from the massive fulfillment center network to the developing offerings like Coupang Play-so you can see exactly where the value is being created. Dive below to see the precise mechanics behind this South Korean giant's growth.

Coupang, Inc. (CPNG) - Canvas Business Model: Key Partnerships

Official Promotional Partner for the 2025 APEC Summit

• Coupang, Inc. was selected as one of 13 official promotional partners by the APEC Preparatory Committee for the 2025 Asia-Pacific Economic Cooperation (APEC) Summit.
• The company served as an Official Sponsor of the APEC CEO Summit, held in Gyeongju from October 27 - Nov 1, 2025.
• Coupang leveraged its logistics network to produce and distribute 50 million specially designed Rocket Delivery packages featuring APEC 2025 support messages across Korea.
• From 2022 through 2024, Coupang spent more than $3B to expand AI innovations and other advanced technologies in the APEC region.

Strategic alliance with Farfetch for global luxury e-commerce

Coupang completed its acquisition of Farfetch in January 2024 for $500 million. Farfetch now operates with a portfolio of 1400 brands and boutiques, catering to customers in no less than 190 countries. In Q1 2025, the segment including Farfetch was nearing breakeven.

Global cloud infrastructure providers like Amazon Web Services (AWS)

• Coupang accelerated recruitment of AI, cloud, and big data experts, with job postings showing a preference for experience in Amazon Web Services (AWS)-based cloud computing.
• In 2021, optimization techniques on AWS Cloud saved the company millions of dollars (On-Demand cost).
• The company moved over 50+PB of data to Amazon S3 Intelligent-Tiering.
• Automating AWS resource launch on non-production environments saved 25% in non-prod environment costs.
• Performance testing for migrating to newer EBS (GP3) involved migrating 500-1000 live volumes at a time in parallel.

Technology partners such as Nvidia for AI and machine learning

• Fast Company named Coupang one of the "Most Innovative Companies for 2025," listing it alongside Nvidia, Google Deep Mind, and Open AI.
• Coupang applied to a government project to support the acquisition and operation of GPUs with a budget of 1.459 trillion won, secured through a supplementary budget in May 2025.
• The government and private sector plan to secure over 260,000 of Nvidia's latest GPUs to expand AI infrastructure.
• Coupang spent more than $3B between 2022 and 2024 expanding AI innovations in the APEC region.

Coupang, Inc. (CPNG) - Canvas Business Model: Key Activities

You're looking at the core engine of Coupang, Inc.'s competitive edge. These aren't just business functions; they are massive, capital-intensive operations that create a moat around the business. Honestly, the sheer scale of the logistics and technology investment is what separates Coupang from most regional players.

Operating the proprietary, end-to-end Rocket Delivery logistics

The proprietary, end-to-end Rocket Delivery system is the bedrock of Coupang, Inc.'s value proposition in South Korea. This network is designed for speed and reliability, which translates directly into customer stickiness. As of the second quarter of 2025, the core Product Commerce segment, which houses Rocket Delivery and Rocket Fresh, generated $7.3 billion in revenue, showing a 14% year-over-year growth. In South Korea, the infrastructure supporting this includes approximately 200 warehouses covering about 20 million sq. ft. This network allows Coupang, Inc. to ensure same-day or next-day delivery to an estimated 99% of South Korean households for millions of items. The operational focus in 2025 has been extending this reliability to new markets, like seeing significant growth in the share of goods delivered through its own last-mile logistics in Taiwan.

Developing and deploying AI-driven supply chain automation

Coupang, Inc. treats technology as a primary Key Activity, not just a support function. The company has been aggressively pouring capital into AI and automation to drive efficiency gains, which is showing up in margin expansion. From 2022 through 2024, Coupang, Inc. committed over $3 billion to expand AI innovations and advanced technologies across the APEC region. This focus is concrete: in the first half of 2025 alone, investment in fulfillment infrastructure, equipment, and technology reached $538 million, which is nearly double the $285 million spent in the first half of the prior year. The long-term plan involves investing over 3 trillion won in nine fulfillment centers nationwide by 2026, with a large portion dedicated to advanced automation like AI and robotics. These AI advancements help predict customer demand and automate fulfillment using tools like driverless forklifts and sorting robots.

Managing the Rocket WOW subscription ecosystem and perks

Managing the Rocket WOW subscription is crucial for locking in high-value customers and securing recurring revenue. This ecosystem bundles core services, increasing the lifetime value of members significantly. As of early 2025, Coupang, Inc. reported approximately 14 million Rocket WOW subscribers in South Korea. The monthly fee for this membership is set at 7,890 won. The core offering is unlimited free delivery for all Rocket Delivery tagged products, plus access to Coupang Play. The success of this model is evident in the segment's contribution to overall financial health; the Developing Offerings segment, which includes WOW's international rollout, generated $1.2 billion in revenue in Q2 2025, a 33.4% year-over-year increase.

Here's a quick look at the core components tied to the WOW membership:

Aggressive international market expansion, notably in Taiwan

Coupang, Inc.'s international push is heavily focused on Taiwan, mirroring its South Korea playbook with logistics buildout and the introduction of the WOW program. The Developing Offerings segment, which includes Taiwan operations, saw its revenue hit $1.19 billion in Q2 2025, up 33% year-over-year. Specifically, Taiwan operations posted triple-digit revenue growth in Q2 2025. Since entering Taiwan in 2022, the company has invested approximately $355 million into its logistics infrastructure and product selection there. This aggressive investment is reflected in the segment's adjusted EBITDA loss, which reached $235 million in Q2 2025, with management attributing a majority of this loss to the Taiwan expansion. The company rolled out the WOW subscription membership in Taiwan during 2025.

The expansion strategy involves several key operational steps in Taiwan:

• Launched Rocket Delivery and Rocket Overseas in 2022.
• Opened a second logistics center in Taoyuan in 2023.
• Established its first overseas delivery subsidiary and a third logistics center in 2024.
• Rolled out the WOW subscription membership program in 2025.

The product selection in Taiwan also expanded by nearly 500% year-over-year in Q1 2025, driven by partnerships with global brands. Finance: review the Q3 2025 segment loss projection against the $900 million to $950 million revised full-year EBITDA loss estimate for the Developing Offerings unit by end of next week.

Coupang, Inc. (CPNG) - Canvas Business Model: Key Resources

You're looking at the core assets Coupang, Inc. relies on to run its massive e-commerce and delivery operation as of late 2025. These aren't just line items on a balance sheet; they are the engine of their competitive advantage, especially against global entrants.

Integrated logistics network with 228 fulfillment centers

The physical infrastructure is massive. Coupang, Inc. operates an unmatched logistics network, boasting 228 logistics warehouses across the country as at August. This network underpins the Rocket Delivery promise. To maintain this lead, the company is actively expanding, planning to build nine new fulfillment centers across the country by the end of 2025. This aggressive build-out is a capital-intensive resource that competitors find incredibly hard to replicate quickly.

Proprietary technology platform and AI/ML algorithms

Underpinning the physical movement of goods is the digital brain. Coupang, Inc.'s proprietary technology platform and its use of AI/ML algorithms are critical for optimizing inventory placement, routing, and demand forecasting. This technology directly translates into efficiency gains, evidenced by the Product Commerce segment achieving improved supply chain optimization. The platform also supports newer ventures within the Developing Offerings segment.

Financial flexibility with TTM Free Cash Flow of $1.3 billion

A company can't build a logistics empire without serious cash. For the trailing twelve months ending Q3 2025, Coupang, Inc. generated a Trailing Twelve Month (TTM) Free Cash Flow of $1.3 billion. That's substantial firepower. Furthermore, the TTM Operating Cash Flow stood at $2.4 billion over the same period. This strong cash generation provides the flexibility to fund ongoing, massive infrastructure investments without constant reliance on external capital markets, which is a key resource in itself.

Large, engaged customer base of 24.7 million active users (Q3 2025)

The demand side is just as vital. As of the third quarter of 2025, Coupang, Inc. reported 24.7 million active customers in its Product Commerce segment. This large, engaged base drives revenue and provides the necessary scale to make the fixed logistics assets efficient. The company noted that revenue growth was driven primarily by increased spending from these existing customers.

Here's a quick look at the quantifiable assets driving the business:

These resources create a powerful moat. You can see the scale in the numbers:

• The 228 fulfillment centers enable the speed advantage.
• The 24.7 million active users ensure high asset utilization.
• The $1.3 billion TTM Free Cash Flow funds the next wave of expansion.
• Proprietary tech drives margin expansion, with the core segment's margin hitting 8.8%.

Finance: draft 13-week cash view by Friday.

Coupang, Inc. (CPNG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Coupang, Inc. dominates the South Korean e-commerce landscape. It's not just about selling things online; it's about an infrastructure-backed promise of speed and convenience that few can match. This value proposition is built on massive, sustained capital investment in logistics.

Ultra-fast delivery is the bedrock. Coupang's logistics network enables same-day or dawn delivery to 99% of South Korea's households. This reach extends across the country, connecting customers in Seoul, the greater metropolitan area, and regional cities and rural towns. The company has committed to reinvesting, announcing plans to invest more than 3 trillion won over three years through 2027 to expand this Rocket Delivery coverage area nationwide.

The Rocket WOW membership bundles this speed with entertainment, creating a sticky ecosystem. As of Q3 2025, Coupang reported 24.7 million Product Commerce Active Customers. While the last explicit count for paid WOW members was around 14 million at the end of 2023, the engagement metrics show its power: WOW members order with a frequency nine times that of non-WOW customers. The bundle includes free delivery, free returns, free Coupang Eats delivery, and access to Coupang Play. For regular users, the estimated annual savings, excluding the membership fee, is about KRW 970,000 (US$706). Coupang Play, the streaming component, is a major draw, recording 7.95 million monthly active users in October 2025, ranking it second among domestic platforms. The monthly WOW membership fee is set at 7,890 won.

The product selection is vast and growing, a key driver for engagement. Coupang is focused on adding selection across all price points. This strategy is working; in Q1 2025, the number of customers purchasing in 9 or more categories grew over 25%. The expansion is aggressive, evidenced by a nearly 500% year-over-year (YoY) increase in product selection in Taiwan in Q1 2025 alone. The platform also incorporates luxury goods through its acquisition of Farfetch.

Finally, customer-centric policies build the necessary trust to keep users engaged, especially following a recent security event. Coupang provides services like free returns on Rocket Delivery items and 24/7 support. The scale of the customer base is significant; the company disclosed that personal data for 33.7 million customers was compromised in a late 2025 breach, suggesting nearly its entire user base was affected.

Here's a snapshot of the scale underpinning these value propositions as of late 2025:

The sheer density of the logistics network and the bundling effect of Rocket WOW are the key differentiators. Finance: review the cash flow impact of the $1 billion stock repurchase program authorized in Q1 2025.

Coupang, Inc. (CPNG) - Canvas Business Model: Customer Relationships

You're looking at how Coupang, Inc. keeps its massive customer base engaged, and honestly, it's all about speed and making things feel effortless through technology. The relationship is built on a foundation of relentless operational excellence, which they back up with serious tech investment.

Automated, personalized shopping experience via AI

Coupang, Inc. uses artificial intelligence to make the shopping journey feel uniquely tailored for each user. Their machine learning and AI systems are processing an immense amount of information, making trillions of predictions daily. This powers everything from the search results you see to the fulfillment process behind the scenes.

This commitment to tech is visible in their intellectual property portfolio. As of early 2025, Coupang, Inc. had registered more than 2,100 patents globally. A significant portion of these patents relate to AI technologies used for demand forecasting and optimizing search accuracy, directly impacting the personalized experience.

The company's focus on deep technology integration earned it recognition as one of the World's Most Innovative Companies for 2025 by Fast Company, ranking No. 2 in the Retail category.

Deep loyalty and retention through the Rocket WOW membership

The Rocket WOW membership is the core mechanism for locking customers into the Coupang, Inc. ecosystem. It bundles several high-value services, which makes the monthly fee feel like a bargain, even after recent price adjustments. The current monthly fee for new members is KRW 7,890.

The value proposition is clear when you look at engagement metrics. WOW members show an order frequency that is nine times that of non-WOW customers. This high engagement is what drives retention. The relationship here is defintely sticky.

Here's a look at what that membership includes, which is key to its perceived value:

• Unconditional free shipping for Rocket Delivery tagged products.
• Free returns within 30 days.
• Unlimited free delivery for Rocket Fresh products.
• Free delivery service for Coupang Eats orders.
• Access to the Coupang Play streaming service.

The stickiness of the program is further evidenced by spending habits; the most mature WOW members spend on average over 2.5 times that of their newest WOW members.

High-touch service for last-mile delivery (Coupangman)

The physical delivery network is the tangible manifestation of the customer relationship. Coupang, Inc. has scaled its logistics to a point where speed is a near-guarantee. As of August 2025, the company operated 228 logistics warehouses across the country. This infrastructure supports the promise of next-day delivery, even for fresh groceries.

The reliability of this service is exceptional. Coupang, Inc. reports that 99.3% of its Rocket Delivery orders are delivered within one day. This level of service consistency is what builds trust in the last mile, managed by their delivery personnel.

Digital self-service via mobile app and website

The digital interface is the primary touchpoint for most interactions, from browsing to tracking. Coupang, Inc. is a U.S. technology and Fortune 200 company as of 2025, underscoring its digital scale. The company's overall active customer base was reported at 24.7 million as at the third quarter of 2025.

Engagement across their digital ecosystem is high, as seen by the success of ancillary services integrated into the customer experience. For instance, Coupang Play, the streaming service bundled with WOW membership, recorded 7.95 million monthly active users in October 2025. This shows a deep integration of digital services into the customer's daily routine, which reinforces the value of the primary commerce platform.

Coupang, Inc. (CPNG) - Canvas Business Model: Channels

You're looking at how Coupang, Inc. gets its products and services into the hands of its customers-it's all about speed and ecosystem integration, which is where the real value is built.

Coupang mobile application and website (primary sales channel)

The core of Coupang, Inc.'s business flows through its main e-commerce platform, accessed via the mobile app and website. This channel is where the Product Commerce segment generates the bulk of its revenue. For the third quarter of 2025, net revenues from this segment hit $8.0 billion, marking a 16% year-over-year increase on a reported basis, or 18% in constant currency. The stickiness of this channel is evident in the customer base growth; by Q3 2025, Product Commerce Active Customers reached 24.7 million, up 10% YoY. To keep these customers engaged, Coupang, Inc. is focusing on selection depth; for instance, the number of customers purchasing in 9 or more categories grew over 25% in Q1 2025. The membership program, which underpins this channel, had 14 million WOW subscriptions as of early 2024, showing a 27% YoY increase then, which is a key driver for channel usage.

Here's a quick look at the core channel's recent financial scale:

The platform is definitely the engine room of the whole operation.

Coupang Eats app for restaurant and grocery delivery

Coupang Eats operates through its dedicated app, feeding into the broader Developing Offerings segment. This service is leveraging the established logistics backbone to compete in the food delivery space. In 2024, Coupang Eats had already captured 35.3% market share by credit card transaction value in South Korea's online food delivery market, which itself was valued around ₩29 trillion (or $22.23 billion) that year. The segment that houses Coupang Eats, along with Taiwan and Coupang Play, posted net revenues of $1.3 billion in Q3 2025, a 32% year-over-year increase. However, this growth comes with investment; the segment's adjusted EBITDA loss for Q3 2025 was $292 million. Management is guiding the full-year Developing Offerings adjusted EBITDA loss toward the high end of $900 million to $950 million for fiscal year 2025, reflecting continued aggressive investment in Eats and Taiwan.

Coupang Play app for video streaming content

Coupang Play is an app-based channel designed to increase customer retention within the ecosystem, as it's available exclusively to subscribers of the premium Wow membership program. By August 2025, Coupang Play's Monthly Active Users (MAU) reached 7.73 million, placing it second in the South Korean OTT market behind Netflix's 14.57 million users. As of May 2025, research showed Coupang Play held a 13% subscriber share, making it the third-largest streaming platform in the country. The service drives channel engagement by offering exclusive content, including live sports like the Premier League and the 2025 NFL season broadcasts.

Direct-to-consumer logistics network (last-mile delivery)

This physical network is Coupang, Inc.'s primary competitive moat. The company is committed to expanding this infrastructure significantly; it pledged to invest over 3 trillion won (or $2.23 billion) by the end of 2026 to grow its logistics footprint. The goal is to extend its signature Rocket Delivery service coverage from the current 70% of the country (covering 182 out of 260 cities/counties as of early 2024) to over 88% nationwide by 2027, serving more than 50 million people. This investment includes building eight new local fulfillment centers. The efficiency of this network is key to the core channel's appeal; same-day and dawn delivery volumes soared over 40% YoY in Q2 2025, driven partly by adding over half a million new Rocket SKUs in that quarter. You can see the scale of the physical assets:

• Fulfillment Centers: Over 100 facilities across 30 regions as of the past decade.
• 2026 Expansion Target: Building 8 new fulfillment centers.
• 2027 Coverage Goal: Service feasibility in approximately 230 locations.

If onboarding takes 14+ days, churn risk rises, but Coupang, Inc. is focused on making that delivery window tighter, not longer.

Coupang, Inc. (CPNG) - Canvas Business Model: Customer Segments

You're looking at the customer base of Coupang, Inc. as of late 2025. It's not just one group; it's a tiered structure built around the core South Korean market and expanding internationally. Here's the breakdown of who Coupang serves, grounded in the latest figures from their Q3 2025 results.

Mass market consumers in South Korea (core e-commerce)

The foundation of Coupang, Inc.'s business remains the massive South Korean consumer base utilizing the Product Commerce segment. This group drives the majority of the revenue and benefits from the core Rocket Delivery service.

As of September 30, 2025, the Product Commerce Active Customers count stood at 24.7 million. This segment generated net revenues of $8.0 billion in the third quarter of 2025 alone. To give you a sense of their spending power, the net revenues per Product Commerce Active Customer for that quarter were $323, or $329 on a constant currency basis. This performance significantly outpaced the overall Korean e-commerce market growth, which saw only a 1.7% year-over-year increase in Q2 2025, while Coupang's segment grew 16% reported.

The stickiness of this segment is evident because, in Q2 2025, the majority of revenue growth came from existing customers, with even the most mature cohorts showing robust double-digit spending increases. The core membership driving this loyalty, the Wow membership, is priced at 7,890 won ($5.40) monthly in Korea.

Here's a quick look at the core customer metrics as of Q3 2025:

Rocket WOW subscribers seeking ecosystem benefits

The Rocket WOW subscription is designed to pull customers deeper into the Coupang, Inc. ecosystem, which is a key strategy to boost lifetime value and retention. It's defintely more than just free shipping.

WOW members secure added value through bundled benefits across Coupang, Inc.'s services. This includes free food delivery via Coupang Eats and access to Coupang Play content. This cross-service engagement is critical; management has noted that WOW members engaging with multiple services show much higher retention and spend. The company aggressively leveraged this, for instance, by offering free food delivery to WOW members, which immediately boosted Coupang Eats orders from that cohort.

• WOW members receive free delivery on Rocket Delivery items.
• Perks extend to Coupang Eats and Coupang Play access.
• Higher engagement across services leads to better customer retention.

Small and medium-sized enterprises (SMEs) as third-party sellers

Third-party sellers, largely composed of SMEs, are a vital part of the marketplace, feeding selection into the platform. Small and medium-sized sellers reportedly make up roughly three-quarters of all Coupang, Inc. vendors.

However, the financial relationship is costly for them. A 2025 survey indicated that SMEs using Coupang as their main shopping mall paid fees equal to an average of 20.6% of their sales generated on the platform. The intermediary transaction sales commission rate specifically was 14.21%, which was higher than the overall average of 13.82%. The most burdensome expense items cited by these sellers were sales commissions at 50.0% of their total burden, followed by logistics costs at 29.0%, and advertising costs at 19.8%. Furthermore, settlement times are a pain point; 34.0% of surveyed SMEs reported that the time from sale finalization to receiving settlement payments was 51 days or more.

New international customers in expansion markets like Taiwan

Taiwan represents the most exciting growth driver outside of the saturated Korean market. This market is served through the Developing Offerings segment, which posted net revenues of $1.3 billion in Q3 2025. Taiwan's momentum is accelerating, generating triple-digit year-over-year revenue growth in Q2 2025 and continuing that trend into Q3 2025.

Coupang, Inc. launched its WOW membership program in Taiwan in March 2025, targeting a population of 23 million and a retail sector valued at approximately $152.71 billion (4.58 trillion New Taiwan dollars). Since entering in 2022, the company has invested around 10.64 billion New Taiwan dollars into logistics infrastructure and product selection there. Management has expressed confidence, noting that customer adoption levels in Taiwan are similar to what they saw at the same stage in building their retail business in Korea.

Finance: draft 13-week cash view by Friday.

Coupang, Inc. (CPNG) - Canvas Business Model: Cost Structure

You're mapping out the major expenses Coupang, Inc. incurs to run its massive logistics and e-commerce operation as of late 2025. The cost structure is heavily weighted toward building and maintaining that physical and digital backbone that powers the Rocket Delivery promise.

High capital expenditure for logistics infrastructure and automation is a defining feature. Coupang, Inc. is committed to this physical moat, planning to invest over 3 trillion won through 2026 to expand its network and fend off competitors. This isn't just about adding square footage; it's about making those facilities smarter. For instance, a new AI-powered logistics center in Jecheon represents a specific outlay of 100 billion won (about $68.8 million) as of early 2025. The pace of this investment is clear in the quarterly figures; Capital Expenditures reached $299.0 million in Q2 2025, with the Trailing Twelve Months (TTM) ending June 2025 hitting $1.1 billion.

The investment in automation technology itself is substantial, with reports indicating $2.23 billion allocated over three years to automate fulfillment centers and expand coverage.

Next, you see significant technology and development spending, which underpins the AI-driven logistics and the expansion into new offerings. For the 2025 fiscal year alone, Coupang, Inc. invested 1.917 trillion won in general IT infrastructure. On the security front, which has recently come under scrutiny, the company invested 890 billion won in information security during 2025.

The aggressive push into new markets, categorized as Developing Offerings (which includes Taiwan and Eats), results in substantial, planned losses. For the third quarter ending September 30, 2025, the segment reported an adjusted EBITDA loss of $292 million. Management expects this heavy investment to continue, guiding for full-year Developing Offerings adjusted EBITDA losses to land near the high end of the $900 million to $950 million range for 2025.

The core operational costs related to the delivery network-the people who make Rocket Delivery happen-are massive, though specific 2025 figures aren't explicitly detailed in the latest reports. Historically, labor costs were a major driver; in 2019, labor costs reached 1.4 trillion won to support 30,000 jobs. The delivery personnel, often referred to as Coupangfriends, are central to the cost of the last mile. You should note that historical controversies involved allegations of 7.5 billion won in unpaid overtime wages owed to delivery drivers over a three-year period ending in 2017.

The overall cost base is reflected in the scale of the business, where Selling, General & Administrative (SG&A) expense for Q3 2025 represented 27.6% of total net revenues. The core Product Commerce segment, however, showed efficiency gains, with its segment adjusted EBITDA margin reaching 8.8% in Q3 2025.

• Segment adjusted EBITDA loss for Developing Offerings (Q3 2025): $292 million.
• Full-year Developing Offerings adjusted EBITDA loss expectation: Near the high end of $900 million to $950 million.
• 2025 IT Spending: 1.917 trillion won.
• 2025 Information Security Spending: 890 billion won.
• Product Commerce Segment Adjusted EBITDA Margin (Q3 2025): 8.8%.

Finance: draft 13-week cash view by Friday.

Coupang, Inc. (CPNG) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Coupang, Inc.'s revenue generation as of late 2025, specifically the third quarter results. Honestly, the structure is clear: it's dominated by the core e-commerce engine, with newer ventures growing fast but still operating at a loss.

The primary revenue driver is Product Commerce sales, which includes everything from first-party retail to the marketplace. For the third quarter of 2025, this segment brought in net revenues of $8.0 billion. This segment serves 24.7 million Active Customers, with net revenues per customer hitting $323 for the quarter.

Within that core Product Commerce stream, you see several distinct monetization methods:

• Product Commerce sales (core e-commerce) generating $8.0 billion in Q3 2025 net revenues.
• Rocket WOW subscription fees, which represent the monthly recurring revenue component that locks in customer spend.
• Commissions and fees from third-party marketplace sellers, which contribute to the overall Product Commerce revenue base.

The second major bucket is the Developing Offerings segment, which is where Coupang, Inc. is placing significant capital for future growth. This segment, covering operations like Eats, Play, Fintech, and Farfetch, generated net revenues of $1.3 billion in Q3 2025. While revenue growth was strong at 32% year-over-year on a reported basis, the segment posted an adjusted EBITDA loss of $292 million for the quarter, reflecting accelerated investments.

Here's a quick look at how the two main segments stack up for the third quarter of 2025:

Finally, you have the revenue line item that captures the monetization of platform traffic and engagement, which is Advertising services revenue on the platform. While not explicitly broken out as a standalone dollar figure in the top-line segment reporting, this is a critical component, likely included within the net other revenue which grew 27% year-over-year to $2.19 billion in Q3 2025. The company is definitely pushing to grow this as its customer base deepens its engagement with the ecosystem.

Finance: draft 13-week cash view by Friday.