Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
~$28B
P/E ratio
~38×
Revenue (FY25)
~$2.9B
Rev. growth
~+18%
Customer retention
>95%
Net margin
~16%
Adj. EBITDA margin
~40%
Net debt
None (net cash)
In plain English
The Trade Desk runs the largest independent demand-side platform (DSP) — the software ad agencies and brands use to buy digital ads across the open internet (connected TV, audio, display, retail media), everywhere except inside Google's and Amazon's walled gardens. Its bet is identity: UID2, a cookie-free way to recognise people, plus its AI-driven Kokai platform. It owns no media and no data centres — it rents compute from AWS and takes a cut of the ad spend that flows through it.
In simple terms
Where The Trade Desk sits
It owns no media and no data centres. It rents AWS compute, plugs in publisher inventory and data, and sells brands and agencies the software to buy ads across the open internet — taking a percentage of the spend that passes through.
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