(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current post-money valuation: ≈ $242 billion (based on ~$717/share and 338 million shares outstanding)
Introduction
AppLovin Corporation (NASDAQ: APP), founded in 2011 by Adam Foroughi and others in Palo Alto, California, is a leading mobile app technology company providing advertising platforms (e.g., AppDiscovery, AXON) and monetization software (e.g., MAX) for developers and advertisers. It operates a dual-class structure: Class A (public, 1 vote/share) and Class B (insider-held, 10 votes/share), giving founders ~51% voting control despite ~29% economic ownership. Public since 2021, total funding raised: ~$2B pre-IPO. The table below details the approximate 100% equity split, based on Q3 2025 13F filings and SEC disclosures. Percentages are estimates; institutional ownership ~79%, insiders ~29%.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($242B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Adam Foroughi (Co-Founder & CEO) | 12.8% | $31.0 billion | Largest individual; ~43.3M shares (mostly Class B super-voting). Controls ~25% of votes; recent stability post-2024 sales; net worth ~$31B tied to AI/ad tech vision. |
| 2 | Vanguard Group Inc. | 8.1% | $19.6 billion | Top institutional via index funds (e.g., VTI, VOO); owns ~25.0M shares. Passive; added ~1.2M shares (+5%) in Q3 2025; core Nasdaq 100 weighting (~5%). |
| 3 | BlackRock Inc. | 8.1% | $19.6 billion | Holds ~24.9M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.4% in Q3; board observer on governance/ESG; ~0.3% of portfolio. |
| 4 | John Krystynak (Co-Founder) | 8.1% | $19.6 billion | ~24.9M shares (Class B); key early backer; stable stake; influences product strategy (e.g., AXON 2.0). |
| 5 | Angel Pride Holdings Ltd. (Insider Entity) | 5.6% | $13.6 billion | ~17.2M shares; affiliated with founders; used for liquidity/estate planning; no recent changes. |
| 6 | IEQ Capital LLC | 5.1% | $12.4 billion | ~15.8M shares; growth-oriented VC. Added ~10% in Q3; focuses on ad tech scalability. |
| 7 | FMR LLC (Fidelity) | 4.5% | $10.9 billion | ~13.7M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on gaming ads (68% Q3 revenue growth). |
| 8 | State Street Corporation | 4.0% | $9.7 billion | Owns ~12.7M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp. |
| 9 | Andrew Karam (Co-Founder) | 4.0% | $9.7 billion | ~12.0M shares (Class B); early engineer; retains voting power; aligned with monetization tools. |
| 10 | JPMorgan Chase & Co. | 1.5% | $3.6 billion | ~4.5M shares in asset management; index/active blend. Up ~1% in Q3; advisory on expansions. |
Total Top 10 = ~71.2% | Remaining: Other Institutions (~8%), Other Insiders (~17%, e.g., Ling Tang at ~6.7%), Retail (~4%) | Grand Total = 100%
Conclusion
As of December 2025, AppLovin's ownership is founder-dominated (~29% economic, ~51% votes via Class B), balanced by institutional passives (~79% total) like Vanguard and BlackRock, ensuring mission-aligned innovation for its $1.41B Q3 2025 revenue (up 68% YoY, 68% from ads) and $836M net income (up 92% YoY, EPS $2.45). Retail's ~4% stake reflects niche appeal amid AI ad booms (AXON 2.0 driving 82% EBITDA margins). With $242B valuation (up 118% YoY) and $3.3B buybacks remaining, expect minor dilutions from grants, institutional tweaks in Q4 13Fs (due Feb 2026), and Q4 revenue of $1.57-1.60B (up ~47%). This hybrid model fuels ad tech dominance, though valuation (84x P/E) risks persist. For filings, visit SEC EDGAR or AppLovin's investor relations.