Shopify Inc.

Shopify operates as a single reportable segment (confirmed in 10-K FY2024 segment note). Revenue is split into Subscription Solutions and Merchant Solutions, but neither line discloses AI-specific revenue. Shopify Magic (AI-generated product descriptions, images, chat replies) and Sidekick (AI commerce assistant) were generally available by mid-2024. Shop app AI recommendations and AI-powered fraud detection also contribute. However, all AI features are bundled into existing subscription tiers at no incremental cost — they are feature differentiators, not separately monetized. No AI revenue figure, percentage, or segment is disclosed in any SEC filing. Estimating 3% based on: (1) AI features drive incremental subscription upgrades and reduce churn, contributing indirectly to Subscription Solutions revenue (~$599M in Q3 2024 implied from segment data); (2) AI fraud detection is embedded in Merchant Solutions payment processing; (3) conservative bias given total bundling. Math: 3% x $2,162M = ~$65M implied AI-attributable revenue.