(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $210 billion (based on ~$161/share and 1.30 billion shares outstanding)
Introduction
Shopify Inc. (NYSE/TSX: SHOP), founded in 2006 by Tobias Lütke, Daniel Weinand, and Scott Lake in Ottawa, Canada, is a leading global commerce platform enabling merchants to build online stores, manage inventory, process payments, and scale e-commerce operations. It serves over 2 million merchants with tools like Shopify Payments, Shop App, and AI features (e.g., Sidekick). Dual-listed on NYSE and TSX since 2015, it uses a single-class share structure (one vote per share), with no super-voting rights. Ownership is institutionally heavy (~70%), insiders ~0.2% (founders/executives), and retail ~30%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $944K in insider sales by CEO Tobias Lütke (Oct 31, 2025) and a $25B buyback program (50% complete).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($210B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Capital World Investors | 4.12% | $8.7 billion | Largest holder; ~53.6M shares. Active growth manager; added ~11% in Q3 2025; focuses on e-commerce scalability and AI integrations. |
| 2 | Vanguard Group Inc. | 3.84% | $8.1 billion | Owns ~50.0M shares via index funds (e.g., VTI, VOO); passive with ~$9.3T AUM. Added ~3% in Q3; core S&P 500 weighting (~6%); no direct control. |
| 3 | FMR LLC (Fidelity) | 3.57% | $7.5 billion | ~46.4M shares across funds (e.g., Contrafund); active with ~8% Q3 trim. Bullish on GMV growth (up 32% Q3); advisory on international expansion. |
| 4 | Capital International Investors | 2.97% | $6.2 billion | ~38.6M shares; active manager. Added ~13% in Q3; emphasizes subscription revenue (up 15% Q3). |
| 5 | Baillie Gifford & Co. | 2.72% | $5.7 billion | ~35.4M shares; long-term growth holder. Trimmed ~33% in Q3 on valuation; holds for merchant tools like Shop Pay ($29B volume Q3). |
| 6 | JPMorgan Chase & Co. | 5.55% | $11.7 billion | ~72.1M shares in asset management; index/active blend. Up ~1% in Q3; provides banking for Shopify's $6B cash reserves. |
| 7 | Morgan Stanley | 2.00% | $4.2 billion | ~26.0M shares via wealth/ETFs; active in advisory. Stable QoQ; engages on AI ethics and antitrust. |
| 8 | Price T. Rowe Associates Inc. | 2.50% | $5.3 billion | ~32.5M shares in growth funds (e.g., Blue Chip); stable QoQ; focuses on enterprise wins (e.g., Estee Lauder). |
| 9 | Invesco QQQ Trust (Series 1) | 2.95% | $6.2 billion | ~36.1M shares; passive ETF tracking Nasdaq 100. Minor Q3 adjustments; aligns with tech exposure. |
| 10 | Tobias Lütke (Founder, CEO & Chair) | 6.10% | $12.8 billion | ~79.5M shares; largest individual insider. Recent sales (~$944K Oct 31, 2025 under 10b5-1); retains significant voting influence; net worth ~$13B. |
Total Top 10 = ~45.32% | Remaining: Other Institutions (~25%), Other Insiders (~0%, e.g., Harley Finkelstein President at ~0.1%), Retail (~30%) | Grand Total = 100%
Conclusion
As of December 2025, Shopify's ownership is institutionally balanced (~70% total) by passive leaders like Vanguard and active managers like Capital World Investors, fostering stability for its $2.84B Q3 2025 revenue (up 32% YoY, beating $2.76B estimates) and $264M net income (down from $828M YoY due to equity investments, but adj. $440M EPS beat $0.43 est.), with GMV at $92B (up 32%) and 18% FCF margin. Insiders (~0.2% combined) like Lütke reflect routine 10b5-1 sales amid expansions (e.g., 750K Sidekick AI users), while retail's ~30% stake drives volatility. With $210B market cap (up 55% YoY) and $25B buybacks (50% complete), expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and Q4 revenue mid-high 20s% YoY growth. This structure supports e-commerce dominance, though valuation (114x P/E) risks persist. For filings, visit SEC EDGAR or Shopify's investor relations.