APP
AppLovin
Platform / Network
★ Quality 80/100Price today
$320.56
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What this business is made of
The business
Axon is the AI auctioneer that charges for every ad served inside apps.
AppLovin runs Axon, an AI engine that connects advertisers with mobile apps via real-time bidding. It charges a commission on every impression served, with a 73% gross margin and a 60% FCF margin. The software segment already eclipses the legacy first-party gaming business.
Axon improves with every dollar spent: more data, better targeting, better ROAS (return on ad spend) for the advertiser. It's a data flywheel that's hard to replicate without equivalent scale. Even so, Meta and Google play the same game with more muscle.
Revenue history
From $1.5B to $4.7B in 4 years — nearly 3.1x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $5.5B · FY2025
Of every $100 in sales, $39 goes to costs and operations; $61 is left as net profit (61% margin).
Catalysts and risks
Resolution of the SEC investigation into attribution practices.
Divestiture of the Apps (gaming) business announced for 2025, ~$900M.
Axon expansion into e-commerce and CTV, a TAM 10x larger than mobile gaming.
SEC investigation active over allegations of scraping Meta data.
Concentration: ~70% of revenue comes from mobile gaming advertisers.
Privacy changes from Apple (ATT) or Google can break attribution.
Charlie's note
“An extraordinary business priced like one. The problem isn't the price, it's the SEC looking at the books. I'll sit in the stands until the referee speaks.”
Analysis · May 2026
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