# Who are AppLovin Corporation's customers? Who does AppLovin Corporation earn revenue from?
Canonical: https://valuechain.wiki/applovin · Facet: customers · Updated: 2026-09-11T17:56:43.56218+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: AppLovin Corporation discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 1 dated sources, 0 of them primary filings (as of 2026-09-11).

### KKR & Co. (high)  → /kkr-co.md
- metric: Amount $400M · 2018 investment · Announced KKR investment in AppLovin
- note: KKR invested $400 million in AppLovin in 2018 and later held more than 10% of voting interests through KKR Denali. KKR Denali sold all remaining shares in 2024 and ceased to be a related party by year-end.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm: "ownership of more than 10% of the Company’s voting interests"
- [confirms] KKR (EN, ir, published 2018-07-17) https://media.kkr.com/news-details?download=1&news_id=1e261c32-dfae-4e6c-be04-ac47dc96a23a&type=1: "a $400 million investment from KKR"

### 칼시 (mid)
- note: Needham's website survey identified Kalshi as a new e-commerce advertising customer that adopted AppLovin's Axon in December 2025. Neither customer spend nor AppLovin revenue attributable to Kalshi was disclosed.
- [confirms] NewsPim (KO, analysis, published 2026-02-11) https://www.newspim.com/news/view/20260211000015: "New customers included prediction-market platform Kalshi in December 2025."

### 엣시 (mid)
- note: Needham's website survey identified Etsy as a new e-commerce advertising customer that adopted AppLovin's Axon in January 2026. Neither customer spend nor AppLovin revenue attributable to Etsy was disclosed.
- [confirms] NewsPim (KO, analysis, published 2026-02-11) https://www.newspim.com/news/view/20260211000015: "The survey found that online marketplace Etsy was added in January 2026."

Reverse side: https://valuechain.wiki/applovin/suppliers.md · Ripple: https://valuechain.wiki/applovin/ripple.md

---
Full node: https://valuechain.wiki/applovin.md · JSON: https://valuechain.wiki/applovin.json