AppLovin

AppLovin was founded in 2012 by Adam Foroughi, John Krystynak, and Andrew Karam. Foroughi stated that the AppLovin name came from Bloglovin', a content organizing company, contrary to reports of a homage to the Christopher Mintz-Plasse character from the 2007 film Superbad.

The company operated in stealth mode until 2014, raising $4 million in financing from angel investors, Streamlined Ventures and the Webb Investment Network. Before emerging from stealth mode, AppLovin acquired customers, including Opentable and Spotify. The company was ranked #10 on the 2016 Deloitte Fast 500 North America list, and again in 2018. Foroughi was recognized on the 2017 San Francisco Business Times "40 Under 40" list.

In July 2018, AppLovin launched Lion Studios, which works with mobile developers to publish and promote their games. A convertible note facility previously received from Hontai Capital was fully refinanced in August 2018, after AppLovin raised a significant credit facility from U.S.-based investors. Hontai retains a small equity stake in AppLovin. That same month, the private equity firm KKR & Co. Inc. acquired a minority stake in AppLovin for $400 million.

In 2020, it added partnerships with Adjust and Facebook Audience Network to its in-app bidding for developers, and was ranked by Pocket Gamer on its list of Top 50 Mobile Game Makers. That year, 49% of the company's revenue came from businesses using its software and 51% from consumers making in-app purchases.

In March 2021, the company filed for an IPO to raise $100 million. On April 15, 2021, AppLovin became a public company, trading on the Nasdaq under the ticker APP; it began trading at US$70 per share, with a total valuation of approximately US$24 billion.

In July 2025, Barron's reported that the company was valued at $123 billion.

On September 22, 2025, Applovin was added to the S&P 500 index.

AppLovin also has also invested in software development companies, and various mobile game publishers. In October 2014, it purchased the German mobile ad-network Moboqo.

On September 26, 2016, it was reported that AppLovin had agreed to be acquired by the Chinese private equity firm, Orient Hontai Capital, for $1.42 billion; the acquisition deal was subsequently abandoned for debt investment after opposition to the plans from CFIUS.

In September 2018, AppLovin acquired the in-app bidding SSP MAX.

In 2019, the company acquired SafeDK, a software development kit management platform for ad quality, performance, and stability in mobile apps. That year, it also invested in several mobile game studios including PeopleFun, Firecraft Studios and Belka Games.

Controversies

On February 26, 2025, short seller firm Fuzzy Panda Research alleged AppLovin committed ad fraud and illegally tracked children and served them sexual ads. On October 6, 2025, Bloomberg reported the SEC was looking into AppLovin regarding their data-collection practices, though remains unconfirmed, in 2026, by the SEC.

CapitalWatch accused AppLovin shareholders of committing financial crimes in concert with Prince Group founder Chen Zhi, in a report published in January 2026, The Southeast Asian Money LaunderingSyndicate’s NASDAQ "Laundromat", Following a demand letter for retraction from AppLovin, CapitalWatch issued an apology and retracted some passages on February 4, though without removing the January report from its website. While characterized in media as a short-seller report, CapitalWatch stated that it is not a short seller, but an independent media outlet with no financial stake in AppLovin.