Analysis
How big are the Cloud Kings' cloud businesses?
We read the latest annual report of all 17 eligible companies. Here is what each one discloses about its cloud business, and where the disclosures fall short.
Shopify
NASDAQ: SHOP · #8 in The Cloud Kings 10
Overview
Shopify provides cloud-based commerce software that lets businesses run online stores, point of sale and payments.
Why it qualifies for the Cloud Kings ranking
Its cloud-delivered commerce platform is central to its business.
Verified against Shopify Form 10-K, fiscal year 2025 on Oct 16, 2026. Eligibility rules
Cloud products and services
- Shopify platform
- Shopify Payments
- Shopify POS
- Shopify Plus
Market and stock information
- Total equity market cap (USD), Oct 15, 2026
- $229B
Latest price
Delayed or end-of-day prices, displayed by TradingView. They are provided for reference only and are not used to calculate the Cloud Kings ranking.
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Business and financial information
How cloud is reported: Shopify reports Subscription Solutions and Merchant Solutions revenue. Merchant Solutions, which is largely linked to payment processing, is the larger part.
Latest news
No news about Shopify has been published yet.
Competitors and comparisons
Methodology explainer
How CloudKings calculates market capitalization
Price times shares sounds simple. For the world's largest cloud companies, share classes, treasury shares, depositary receipts and currencies all get in the way.
Explainer
What counts as a cloud company?
Almost every software company now delivers its products over the internet. Here is where The Cloud Kings 10 draws the line, and why.
Sources and data timestamps
- Shopify Investor Relations
- Shopify Form 10-K, fiscal year 2025 · accessed Oct 16, 2026
- Profile and eligibility last reviewed Oct 16, 2026.
- Eligibility verification against the latest annual report: verified on Oct 16, 2026 (Shopify Form 10-K, fiscal year 2025).
- Market capitalization: official ranking snapshot of Oct 15, 2026 (closing prices of Oct 15, 2026, methodology v1.3). Latest prices, where loaded, are displayed by TradingView.