Shopify Inc.
SHOPQ1 2025(SHOP Q4 FY2024)Estimated3.5% AI
AI Revenue %
3.5%
AI Fair Value
$2.1B
AI Revenue (Q)
$98.4M
Total Revenue (Q)
$2.8B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Shopify continues operating as a single segment with no AI-specific revenue disclosure. By Q4 2024, AI features were more deeply embedded across the platform — Shopify Magic had expanded to cover more use cases (product image generation, blog content, email marketing copy), and Sidekick was more mature. The company transitioned from 20-F/6-K filings to 10-K/10-Q (SEC domestic filer) starting with the FY2024 annual report, but the segment structure remains single-segment with no AI breakout. Q4 is seasonally strong (holiday shopping) with revenue of $2,812M. Incremental AI contribution modestly higher than Q3 as AI features were more widely adopted by merchants during peak season. Math: 3.5% x $2,812M = ~$98M implied AI-attributable revenue.
Analyzed by claude-opus-4-6
Quoted Figures
The CODM has determined that the Company operates in a single operating and reportable segment and manages segment profit (loss) based upon consolidated net income (loss).
10-K FY2024, Item 8 Segment Note
AI Products Identified (Ring 1)
Shopify Magic (expanded AI content generation across more surfaces)Sidekick (AI commerce assistant)Shop app AI-powered product recommendationsAI-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