I consider myself a relatively boring, probability of cashflows investor not easily attracted to hyper-growth promises of many Internet company investments. Nonetheless, I have slowly started to get more interested in established Internet companies as I see them developing moats and staying power that make them sustainable cash cows more than bets on speculative upside. Perhaps even more than banks, many of these are services many people I know use every day, if not every hour, so it is perhaps not surprising that the largest ones rival the biggest banks in overall market cap size.
Here is a list of the 60 largest listed Internet companies as of January 2017, most or all of which have a market cap over US$1 billion, which has been the minimum valuation threshold for “unicorn” private, non-listed companies like Uber or AirBnB:
RIC | Name | USD Market Cap (Millions) |
GOOGL.O | Alphabet Inc | $549,544 |
FB.O | Facebook Inc | $342,085 |
0700.HK | Tencent Holdings Ltd | $231,469 |
BABA.K | Alibaba Group Holding Ltd | $219,190 |
NPSNY.PK | Naspers Ltd | $64,902 |
BIDU.O | Baidu Inc | $58,385 |
NFLX.O | Netflix Inc | $55,536 |
PYPL.O | PayPal Holdings Inc | $49,472 |
YHOO.O | Yahoo! Inc | $38,222 |
JD.O | JD.com Inc | $37,310 |
EBAY.O | eBay Inc | $33,269 |
4689.T | Yahoo Japan Corp | $21,904 |
4755.T | Rakuten Inc | $14,054 |
TWTR.K | Twitter Inc | $12,053 |
WB.O | Weibo Corp | $9,190 |
2413.T | M3 Inc | $8,167 |
MELI.O | MercadoLibre Inc | $7,322 |
YNDX.O | Yandex NV | $6,649 |
3659.T | Nexon Co Ltd | $6,309 |
IAC.O | IAC/InterActiveCorp | $5,405 |
4732.T | USS Co Ltd | $4,996 |
AUTOA.L | Auto Trader Group PLC | $4,979 |
JE.L | Just Eat PLC | $4,831 |
RMV.L | Rightmove PLC | $4,537 |
SINA.O | SINA Corp | $4,528 |
QUNR.O | Qunar Cayman Islands Ltd | $4,425 |
MTCH.O | Match Group Inc | $4,402 |
ATHN.O | athenahealth Inc | $4,283 |
WUBA.K | 58.com Inc | $4,146 |
G24n.DE | Scout24 AG | $3,866 |
MAILRq.L | Mail.ru Group Ltd | $3,794 |
2371.T | Kakaku.com Inc | $3,614 |
RKET.DE | Rocket Internet SE | $3,359 |
2432.T | DeNA Co Ltd | $3,299 |
YELP.K | Yelp Inc | $3,093 |
2121.T | Mixi Inc | $2,995 |
ATHM.K | Autohome Inc | $2,895 |
603000.SS | People.cn Co Ltd | $2,832 |
CNV.O | Cnova NV | $2,418 |
ZNGA.O | Zynga Inc | $2,399 |
YY.O | YY Inc | $2,109 |
3765.T | GungHo Online Entertainment Inc | $2,031 |
MONY.L | Moneysupermarket.Com Group PLC | $1,978 |
WBMD.O | WebMD Health Corp | $1,965 |
SSTK.K | Shutterstock Inc | $1,708 |
EGOV.O | NIC Inc | $1,597 |
9449.T | GMO Internet Inc | $1,484 |
SOHU.O | Sohu.Com Inc | $1,424 |
TME.AX | Trade Me Group Ltd | $1,406 |
BITA.K | Bitauto Holdings Ltd | $1,393 |
ETSY.O | Etsy Inc | $1,383 |
YRD | Yirendai Ltd | $1,279 |
3632.T | Gree Inc | $1,276 |
LTRPA.O | Liberty Tripadvisor Holdings Inc | $1,218 |
CYOU.O | Changyou.Com Ltd | $1,125 |
TRUE.O | TrueCar Inc | $1,099 |
OBCGn.DE | Xing AG | $1,041 |
2440.T | Gurunavi Inc | $969 |
MIME.O | Mimecast Ltd | $967 |
888.L | 888 Holdings PLC | $967 |