The Teardown
A library of company case studies

How the world’s defining companies actually work.

Independent, fully-cited teardowns of how major companies make money, compete, and bet on the future — each one a deep, evidence-first case study you can read in full.

Try
Scroll to browse the library↓
Browse the library

The library

Independent teardowns · filter by sector, region or ownership.

Sector
Region
Ownership
showing 28 / 28
Featured teardown
Artificial Intelligence

NVIDIA Corporation

The arms dealer of the AI build-out — and the debate over how durable that is.

Read the teardown →
Key figure
$81.6B Q1 FY2027 revenue (+85% YoY); ~$5.4T market cap
Ownership · Region
Public · United States
Public
E-commerce

Alibaba Group

China · Cloud Computing · AI
Key figure
FY2026 revenue RMB1.02tn (+3% YoY) — first time crossing RMB1tn

Independent, source-cited case study of Alibaba's commerce, AI and cloud bet.

Read the teardown →
Public
Internet & Media

Alphabet Inc. (Google)

United States · Advertising · AI · Cloud Computing
Key figure
$350B FY2024 revenue (+14% YoY)

Independent, neutral, fully-cited case study of Alphabet/Google.

Read the teardown →
Public
E-commerce

Amazon.com, Inc.

United States · Cloud Computing · Advertising
Key figure
$716.9B FY2025 net sales (+12% YoY)

The profit engine behind the retailer, AWS, advertising, and the AI capex bet.

Read the teardown →
Private
Artificial Intelligence

Anthropic

United States
Key figure
$965B post-money valuation (Series H, May 2026)

AI safety lab behind Claude, now one of the fastest-scaling AI companies

Read the teardown →
Public
Consumer Electronics

Apple Inc.

United States · Software · Internet & Media · Semiconductors
Key figure
$416.2B FY2025 revenue · $112.0B net income

The most profitable hardware company ever — and the durability debate over AI, Services, and China.

Read the teardown →
Public
Semiconductors

ASML Holding N.V.

Netherlands
Key figure
~100% of production EUV systems; €32.7B net sales, €38.8B backlog (2025)

The sole maker of EUV lithography — the indispensable, and most contested, link in the chip supply chain.

Read the teardown →
Public
Electric Vehicles

BYD Company Ltd (比亚迪)

China · Batteries & Energy
Key figure
4.6M NEVs sold and RMB 804bn (~$116bn) revenue in 2025

World's largest new-energy vehicle maker — from batteries to cars to ships.

Read the teardown →
Private
Internet & Media

ByteDance (字节跳动)

China · Advertising · E-commerce · AI
Key figure
~$155B revenue in 2024 (+29%, reported estimate); private

Independent, fully-cited case study of ByteDance: Douyin/TikTok, ads, e-commerce, Doubao AI, and the TikTok divestiture.

Read the teardown →
Public
Retail

Costco Wholesale Corporation

United States
Key figure
$275.2B revenue in FY2025

Membership-only warehouse retailer with a fee-driven moat and thin-margin model.

Read the teardown →
Private
Artificial Intelligence

DeepSeek (深度求索)

China
Key figure
Nvidia lost ~$600B in a day (27 Jan 2025) as DeepSeek's app hit #1

The High-Flyer-backed lab whose low-cost open models triggered AI's 'Sputnik moment'.

Read the teardown →
Public
Internet & Media

Lyft, Inc.

United States · Software
Key figure
$18.5B gross bookings, 51.3M annual active riders in FY2025; ~24% US rideshare share vs Uber's ~76%

North America's #2 rideshare app — now profitable, going global, and racing the robotaxi clock.

Read the teardown →
Public
E-commerce

Meituan (美团)

China · Internet & Media · Retail
Key figure
FY2025 revenue RMB 364.9B (+8%); net loss RMB 23.4B amid the delivery price war

China's dominant local-services super-app — and the target of 2025's food-delivery price war.

Read the teardown →
Public
Internet & Media

Meta Platforms, Inc.

United States · Advertising · AI
Key figure
$201B revenue (FY2025)

An ad business funding a large bet on AI and hardware.

Read the teardown →
Public
Cloud Computing

Microsoft Corporation

United States · AI · Software · Gaming
Key figure
$281.7B FY2025 revenue; ~$37B AI run-rate (Q3 FY2026)

The world's most diversified tech giant, betting the franchise on AI.

Read the teardown →
Private
Artificial Intelligence

Moonshot AI (Kimi / 月之暗面)

China
Key figure
~$20B reported post-money valuation (Meituan-led round, May 2026)

Maker of the Kimi assistant and open-weight K2 models, one of China's AI 'tigers'.

Read the teardown →
Private
Software

Notion Labs, Inc.

United States · AI
Key figure
100M registered users (Aug 2024, Notion blog)

How Notion repositioned from all-in-one workspace to AI company, 2020–2026.

Read the teardown →
Private
Artificial Intelligence

OpenAI

United States · Software
Key figure
$852B post-money valuation ($122B round, Mar 2026)

Maker of ChatGPT — the world's most valuable private company, and its defining tension.

Read the teardown →
Public
E-commerce

PDD Holdings

China
Key figure
FY2024 revenue US$54.0B (+59% YoY)

Parent of Pinduoduo and cross-border discount app Temu.

Read the teardown →
Private
Artificial Intelligence

Rogo

United States · Software
Key figure
$2B reported valuation (Series D, Apr 2026); 35,000+ users at 250+ institutions

Agentic AI for investment banks, PE and hedge funds — a $2B vertical-AI bet on Wall Street's grunt work.

Read the teardown →
Private
Space & Satellites

SpaceX

United States · Telecommunications · Defense
Key figure
165 orbital launches in 2025 (~85% of US total); $18.7B revenue; ~$800B last private mark

The reusable-rocket monopoly that became a satellite-internet giant — and is chasing a ~$1.75T IPO.

Read the teardown →
Private
Software

Stripe

United States · Internet & Media
Key figure
$1.9T total payment volume in 2025 (+34%), ~1.6% of global GDP

The developer-first payments platform processing ~1.6% of global GDP — and still private.

Read the teardown →
Public
Internet & Media

Tencent Holdings

China · Gaming · AI
Key figure
WeChat/Weixin combined MAU 1.42bn (Dec 2025)

Independent, fully-cited case study of Tencent: WeChat moat, games, fintech, AI.

Read the teardown →
Public
Automotive

Tesla, Inc.

United States · Energy · AI · Robotics
Key figure
1,636,129 deliveries in 2025 (−9%, 2nd straight decline); ~$1.56T market cap (Jun 2026)

EV pioneer turned AI/robotics bet — two years of falling deliveries against a ~$1.5T valuation priced on autonomy.

Read the teardown →
Public
Aerospace & Defense

The Boeing Company

United States
Key figure
FY2025 revenue $89.5B; record $682B backlog

Aerospace duopolist rebuilding from the 737 MAX safety and financial crisis.

Read the teardown →
Public
Semiconductors

TSMC (台積電)

Taiwan · AI
Key figure
FY2025 revenue US$122.4bn; ~66–70% foundry share, >90% at the leading edge

Independent, fully-cited teardown of the foundry that makes the AI era's chips — and its three open questions.

Read the teardown →
Public
Mobility & Delivery

Uber Technologies, Inc.

United States · Advertising
Key figure
$193.5B FY2025 gross bookings; $9.8B free cash flow; ~$150B market cap (Jun 2026)

The global mobility-and-delivery platform that finally turned a profit — now staring down the robotaxi.

Read the teardown →
Private
Robotics

Unitree Robotics (宇树科技)

China · AI
Key figure
FY2025 revenue ¥1.708B, +335% YoY (STAR Market prospectus)

China's volume leader in low-cost quadruped and humanoid robots.

Read the teardown →