Here are 1-3 brief analogies to describe Coupang (CPNG):

• Amazon for South Korea.

• Imagine Amazon, DoorDash, and Instacart combined, but specifically for the South Korean market.

• E-commerce Platform (Rocket Delivery): Coupang's primary offering, providing same-day or next-day delivery of a vast array of products through its proprietary logistics network.
• Grocery Delivery (Rocket Fresh): A dedicated service for rapid delivery of fresh groceries and produce to customers' doors.
• Food Delivery (Coupang Eats): A marketplace service connecting customers with local restaurants for on-demand food delivery.
• Streaming Service (Coupang Play): A subscription-based video streaming platform offering movies, TV shows, and live sports content.
• Fintech & Payments (Coupang Pay): An integrated mobile payment and financial technology service facilitating transactions across its platforms.
• Subscription Membership (Rocket Wow): A premium membership program offering benefits such as free unlimited shipping, exclusive discounts, and access to Coupang Play.

Coupang (CPNG) primarily sells to individuals, operating as a Business-to-Consumer (B2C) company. Its services cater to a broad range of personal and household needs. Based on its diverse offerings, the following are the primary categories of individual customers it serves:

• General Shoppers and Households: This category includes individual consumers and families who utilize Coupang's extensive e-commerce platform for their daily shopping needs. They purchase a wide array of products, from groceries (via Rocket Fresh) and household essentials to electronics, fashion, beauty products, and general merchandise, benefiting from Coupang's rapid "Rocket Delivery" services.
• Food Delivery Users: Individuals who seek convenience for prepared meals constitute another significant customer category. These customers use Coupang Eats to order food from various restaurants and have it delivered directly to their homes or workplaces.
• Digital Content Consumers: This category encompasses individuals who subscribe to Coupang Play, the company's streaming service. These customers are primarily interested in accessing a library of movies, TV shows, and live sports content for entertainment purposes.

• Amazon.com, Inc. (AMZN)

Bom Kim, Chief Executive Officer and Chairman of the Board

Bom Kim founded Coupang in 2010. He attended Harvard University and later Harvard Business School, though he dropped out during his second semester. Prior to Coupang, Kim founded the magazine "Current," which he later sold to Newsweek. He also founded "Vintage Media Company," a monthly magazine targeting elite university graduates, and subsequently sold that company as well. Under his leadership, Coupang has raised substantial venture capital, exceeding $3.8 billion, from investors including Sequoia Capital, Softbank, and BlackRock.

Gaurav Anand, Chief Financial Officer

Gaurav Anand has served as Coupang's Chief Financial Officer since December 2020. His previous roles at Coupang include Chief Operating Officer from January 2019 to December 2020, Chief of Staff to the Chief Executive Officer from January 2017 to December 2018, and Chief Financial Officer of Global eCommerce from January 2017 to December 2017. Before joining Coupang, Anand was the Vice President of Finance at Myntra, a fashion subsidiary of Flipkart, from November 2014 to December 2016. He also held various finance positions at Amazon across its North America retail, international retail, AWS business, and payments business from 2007 to 2014.

Harold Rogers, General Counsel and Chief Administrative Officer

Pranam Kolari, Vice President of Search and Recommendations

Thuan Pham, Chief Technology Officer

The key risks to Coupang's business are:

1. Cybersecurity Incident and Regulatory/Legal Fallout: Coupang recently experienced a material cybersecurity incident involving unauthorized access to data linked to up to 33 million customer accounts in its Korean subsidiary. This breach has led to regulatory investigations by Korean authorities, with the potential for significant financial penalties and legal repercussions, including possible class-action lawsuits. The incident also prompted the resignation of the CEO of Coupang's Korean subsidiary and raised concerns about potential penalties from the U.S. Securities and Exchange Commission (SEC) due to alleged inadequate disclosure. The event has impacted Coupang's stock price and could continue to damage its reputation and divert management's attention.
2. Over-reliance on the South Korean Market: Coupang remains overwhelmingly dependent on South Korea for the substantial majority of its revenue. This geographic concentration exposes the company to structural risks, as South Korea's e-commerce penetration is already among the highest globally, suggesting a potential slowdown in domestic growth. Future performance is heavily tied to South Korea's economic growth, and the business remains vulnerable to local economic fluctuations, evolving consumer spending patterns, competitive dynamics, and regulatory changes. While Coupang is expanding internationally, these efforts currently represent a small portion of its overall business.
3. Intense Competition and Thin Margins: Coupang operates in a highly competitive e-commerce landscape in South Korea and other markets. It faces strong competition from both established local players and international giants like Amazon, Alibaba, AliExpress, and Temu. This intense competition can lead to increased marketing expenses, price wars, and pressure on market share and profitability margins. Additionally, building and maintaining Coupang's extensive logistics infrastructure, a core component of its "Rocket Delivery" service, is capital-intensive, which inherently limits margin expansion and requires continuous investment.

The clear emerging threat to Coupang is the rapid and aggressive expansion of Chinese e-commerce platforms, particularly Temu and AliExpress, into the South Korean market. These platforms employ a direct-from-manufacturer, cross-border shipping model that allows them to offer significantly lower prices on a vast array of goods. While Coupang's "Rocket Delivery" provides unparalleled speed and convenience for domestic products, Temu and AliExpress are aggressively gaining market share by appealing to price-sensitive consumers and those seeking unique or specialized items directly from China. This shift in consumer behavior towards value over immediate speed, for certain product categories, directly challenges Coupang's growth trajectory and could pressure its margins, reminiscent of how Netflix's streaming model disrupted Blockbuster's physical rental business by offering a fundamentally different value proposition.

E-commerce (Retail Sales)

The e-commerce market in South Korea is substantial. In 2024, the market size is estimated to be between $230 billion and $510 billion USD. It is projected to grow to approximately $336 billion by 2027 and could reach up to $3,810 billion by 2033, with a compound annual growth rate (CAGR) of 22.3% from 2025 to 2033. Another estimate places the market value at $296.1 billion USD in 2024, with a projected increase to $942 billion USD by 2035, growing at a CAGR of 11.09% from 2025 to 2035.

Online Grocery Delivery (Rocket Fresh)

The South Korea online grocery market reached an estimated $13,533.3 million USD in 2024. This market is expected to experience significant growth, with projections indicating it could reach $104,789.5 million USD by 2033, demonstrating a CAGR of 25.54% during 2025-2033. Another report estimates the market size at $12,533.2 million USD in 2024, anticipated to grow to $160,135.5 million USD by 2035, with a CAGR of around 26.06% from 2025 to 2035.

Online Food Delivery (Coupang Eats)

For online food delivery services in South Korea, the market size in 2024 is reported to be around $16,611.2 million USD, with an expected growth to $27,000.9 million USD by 2030 at a CAGR of 9% from 2025 to 2030. Other estimates for the South Korea online food delivery market in 2024 range from $2.7 billion to $2.8 billion USD, with projections suggesting a growth to $6.4 billion USD by 2033 at a CAGR of 8.50% from 2025-2033.

Video Streaming Service (Coupang Play)

The video streaming market in South Korea was valued at approximately $1,997.3 million USD in 2024. Forecasts suggest a rise to $4,023.6 million USD by 2033, growing at a CAGR of 8.09% during the period of 2025-2033. The live streaming market specifically, a segment of video streaming, generated revenues of $1,132.3 million USD in 2023 and is expected to reach $5,925.7 million USD by 2030, with a CAGR of 26.7% from 2024 to 2030.

Fintech/Digital Payments (Coupang Pay)

The fintech market in South Korea is estimated to be $4,170.0 million USD in 2024 and is projected to grow to $7,861.9 million USD by 2033, at a CAGR of 7.3% during 2025-2033. Another assessment values the South Korea FinTech and WealthTech Platforms Market at approximately $10 billion USD. The digital payment segment within fintech is a significant driver, and the overall South Korea fintech market is expected to grow at a 7.02% CAGR from 2024 to 2035.

Coupang (CPNG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:

1. Expansion into Taiwan: Coupang is making significant investments in its Taiwanese operations, including expanding its market presence, building new logistics infrastructure, and rolling out a third-party marketplace. This strategy is accelerating customer adoption and revenue growth in the region, with Taiwan's momentum compared to Coupang's early stages in Korea.
2. Growth in Active Customers and Increased Spend per Customer: The company continues to see robust growth in its active customer base and increased spending from existing customers within its core Product Commerce segment. This is being driven by ongoing enhancements to the overall customer experience, an expanding selection of products, competitive pricing, and faster delivery times.
3. Growth of Developing Offerings: Coupang's "Developing Offerings" segment, which includes newer services such as Coupang Eats (food delivery), Coupang Pay (fintech services), and Coupang Play (video streaming), is demonstrating strong revenue growth. While these initiatives require continued investment, they are considered crucial engines for future expansion and diversification beyond core e-commerce.
4. Expansion of Fulfillment and Logistics by Coupang (FLC) and Marketplace Offerings: Coupang is aggressively investing in its Fulfillment and Logistics by Coupang (FLC) services to offer more convenience and cost savings to merchants. This strategy aims to significantly expand product selection on its platform and drive growth in its marketplace offerings, including deeper penetration into categories like furniture, fashion, and sporting goods.
5. AI-Driven Operational Improvements and Logistics Automation: Coupang is heavily investing in automation technologies and artificial intelligence (AI) across its logistics and fulfillment network. These improvements are intended to enhance service levels, optimize operating costs, and ultimately support sustained revenue growth by improving efficiency and the overall customer experience.

Share Repurchases

• In May 2025, Coupang's Board of Directors authorized a stock repurchase program for up to $1 billion of its outstanding Class A common stock.
• The company executed a share repurchase of $177.9 million in April 2024 from an early investor, Maverick Holdings.
• From July 1, 2025, to September 30, 2025, Coupang repurchased 2,835,200 shares for $80.52 million as part of the authorized program.

Share Issuance

• Coupang completed its Initial Public Offering (IPO) in March 2021, raising $4.55 billion by offering 130 million shares of Class A common stock, which included 100 million primary shares.
• In April 2025, 5,465,099 shares of Class A Common Stock were issued as part of the acquisition of the remaining equity interest in Surpique LP (related to Farfetch) from Greenoaks Capital Partners, LLC.

Outbound Investments

• Coupang acquired the luxury e-commerce platform Farfetch for $500 million, with the transaction completing in January 2024.
• In April 2025, Coupang finalized the acquisition of the remaining equity interest in Surpique LP, which was established to acquire Farfetch Holdings plc, paying over $140 million in cash and stock to Greenoaks Capital Partners.
• The company is actively pursuing international growth, expanding into new geographies such as Taiwan.

Capital Expenditures

• Coupang's capital expenditures averaged $751.5 million annually for fiscal years ending December 2020 to 2024, with the latest twelve months (ending June 2025) capital expenditures being $1.132 billion.
• The company plans to invest "billions of dollars" over the next several years to improve delivery speed and expand its "Rocket Delivery" service in Korea, including a $2.2 billion investment announced in 2024 to reach 88% of the country by 2027.
• Capital expenditures are primarily focused on investments in technology, automation, artificial intelligence, robotics, and its end-to-end logistics and operations infrastructure to enhance its customer experience and global reach.