BABA
Alibaba Group Holding Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Alibaba Group Holding Limited.
Alibaba Group Holding Limited operates technology-driven commerce, cloud, and digital-media platforms primarily in China and internationally. Core commerce includes Taobao, Tmall, AliExpress, and wholesale marketplaces; it also operates Cainiao logistics, local consumer services, and international e-commerce. Cloud Intelligence provides computing, AI, and enterprise software. Additional businesses include digital media and entertainment and innovation initiatives. Revenue comes from customer-management services, commissions, logistics, cloud consumption, and advertising.
Coverage
Alibaba Wants 20 Gigawatts by 2032. Six Years of Capex Just Covers the Buildings.
Alibaba targets 20GW of capacity by 2032 with no money attached. Its capex run rate to 2032 is $12.5m a megawatt; shell and core alone costs $11.3m.
Alibaba's 1.6-Cent Cache Hit Is a Tenth of Input. So Are OpenAI's and Google's. Only Google Charges Rent.
Qwen3.8-Flash reads a cached token for $0.016, a tenth of input. OpenAI, Google and Anthropic all charge a tenth too. Only Google bills rent by the hour.
Alibaba Raised 1.4 Years of Its AI Revenue, Not Two. Neither Named Use of the Money Is the Model.
Alibaba's $10.2bn placement is 1.40x its AI product run rate, not the 1.93x a May figure gives, and both itemised uses of the proceeds are infrastructure.
Alibaba Called Its Placement a 3.6% Discount. Hong Kong Priced It at 8.37%.
Alibaba priced 710M new shares at HK$112.70 — 3.6% below an ADR reference but 8.37% below Friday's Hong Kong close — and the stock fell through the issue price.
Alibaba Is Selling 710 Million New Shares to Fund AI. Is Baidu Next?
Alibaba's 710M-share Hong Kong placement raises about $10.2B for AI — enough for 102% of one quarter's capex. Baidu runs the same race at a sixth of the scale.
Alibaba Cloud Grew 45% as Free Cash Flow Fell to −$6.6B and Revenue Missed Our Range.
Alibaba Cloud grew 45%, but capex rose 75% to 2.5x adjusted EBITA and free cash flow hit −$6.58B. The new AI segment lost RMB 13.9B on RMB 3.3B of revenue.
Where the revenue goes next
Latest: $39.64B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $32.29B |
| 2023Q3 | $30.81B |
| 2023Q4 | $36.67B |
| 2024Q1 | $30.73B |
| 2024Q2 | $33.47B |
| 2024Q3 | $33.70B |
| 2024Q4 | $38.38B |
| 2025Q1 | $32.58B |
| 2025Q2 | $34.57B |
| 2025Q3 | $34.81B |
| 2025Q4 | $40.73B |
| 2026Q1 | $35.28B |
| 2026Q2 | $39.64B |
Latest: $0.55 (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $1.83 |
| 2023Q3 | $1.48 |
| 2023Q4 | $0.80 |
| 2024Q1 | $0.18 |
| 2024Q2 | $1.36 |
| 2024Q3 | $2.59 |
| 2024Q4 | $2.79 |
| 2025Q1 | $0.71 |
| 2025Q2 | $2.51 |
| 2025Q3 | $1.23 |
| 2025Q4 | $0.85 |
| 2026Q1 | $1.50 |
| 2026Q2 | $0.55 |
Latest: 23.2 (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | 16.9 |
| 2024Q2 | 18.9 |
| 2024Q3 | 21.5 |
| 2024Q4 | 12.2 |
| 2025Q1 | 17.8 |
| 2025Q2 | 13.2 |
| 2025Q3 | 24.7 |
| 2025Q4 | 27.7 |
| 2026Q1 | 20.6 |
| 2026Q2 | 23.2 |
Latest: −$6.58B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $5.39B |
| 2023Q3 | $6.20B |
| 2023Q4 | $7.96B |
| 2024Q1 | $2.13B |
| 2024Q2 | $2.39B |
| 2024Q3 | $1.96B |
| 2024Q4 | $5.35B |
| 2025Q1 | $516M |
| 2025Q2 | −$2.63B |
| 2025Q3 | −$3.07B |
| 2025Q4 | $1.62B |
| 2026Q1 | −$2.51B |
| 2026Q2 | −$6.58B |
Latest: 2.42B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | 2.58B |
| 2023Q3 | 2.57B |
| 2023Q4 | 2.54B |
| 2024Q1 | 2.50B |
| 2024Q2 | 2.45B |
| 2024Q3 | 2.42B |
| 2024Q4 | 2.40B |
| 2025Q1 | 2.39B |
| 2025Q2 | 2.39B |
| 2025Q3 | 2.40B |
| 2025Q4 | 2.41B |
| 2026Q1 | 2.41B |
| 2026Q2 | 2.42B |
Latest: $18.72B (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $5.39B |
| 2023Q3 | $11.59B |
| 2023Q4 | $19.55B |
| 2024Q1 | $21.68B |
| 2024Q2 | $24.07B |
| 2024Q3 | $26.03B |
| 2024Q4 | $31.37B |
| 2025Q1 | $31.89B |
| 2025Q2 | $29.26B |
| 2025Q3 | $26.19B |
| 2025Q4 | $27.82B |
| 2026Q1 | $25.31B |
| 2026Q2 | $18.72B |
Latest earnings
Company History
Jack Ma and 17 co-founders start Alibaba.com as a B2B marketplace connecting Chinese manufacturers with overseas buyers.
The consumer marketplace that would become China's dominant e-commerce venue is launched, followed by Alipay a year later.
Lists on the NYSE at $68 per ADS, raising $25 billion in what was then the largest IPO ever completed.
Adds a Hong Kong listing, later converted to a primary dual listing, broadening access for mainland investors.
Splits into six business groups under a holding structure; the plan is later scaled back and Eddie Wu becomes group CEO.
Commits to a multi-year cloud and AI infrastructure programme built around the open-weight Qwen models, reaccelerating cloud revenue growth.
Key Players
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Funds we follow holding BABA
By latest reported 13F position value. Market value at quarter-end, not cost basis.
