Shopify Inc.
SHOPQ4 2025(SHOP Q3 FY2025)Estimated4.5% AI
AI Revenue %
4.5%
AI Fair Value
$3.0B
AI Revenue (Q)
$128.0M
Total Revenue (Q)
$2.8B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2025 10-Q (period ended September 30, 2025) maintains single-segment reporting with no AI revenue breakout. Revenue was $2,844M. Shopify has been aggressively investing in AI throughout 2025 — CEO Tobi Lutke publicly stated AI proficiency is now a baseline expectation for all employees (from company memo). The Vantage acquisition technology would be more fully integrated by this quarter. Slight increase to 4.5% reflects the cumulative deepening of AI across the platform: expanded Shopify Magic capabilities, more sophisticated Sidekick interactions, enhanced AI-powered search and discovery in the Shop app, and improved AI fraud models. Still conservative given full bundling and no discrete AI pricing. Math: 4.5% x $2,844M = ~$128M implied AI-attributable revenue.
Analyzed by claude-opus-4-6
Quoted Figures
our expectation that we will continue to invest in data analytics, machine learning and AI
10-Q Q3 FY2025, Forward-Looking Statements
AI Products Identified (Ring 1)
Shopify Magic (AI content generation, image editing, chat — expanded capabilities)Sidekick (AI commerce assistant — more sophisticated)Vantage AI/ML technology (integrated)Shop app AI-powered product recommendations and searchAI-powered fraud detection in Shopify Payments
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Deliverr machine learning/optimization technologyGeneral platform data analytics and ML infrastructure
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix