Revenue Memo

Revenue Memo is a newsletter that unpacks how great companies make money. Trusted by thousands of curious minds at Microsoft, Google, a16z, and more.

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Newsletter

Mar 27, 2026

How Kalshi makes money: The sportsbook hiding inside a derivatives exchange

Regulation defines it as finance, but revenue concentration tells a different story about where demand really comes from.

Newsletter

Mar 7, 2026

How Anthropic makes money: Selling intelligence instead of ad inventory

Instead of monetizing attention, Anthropic is betting that businesses will pay for reliable reasoning, scalable automation, and AI that can do real work.

Newsletter

Feb 15, 2026

How Reddit makes money: Turning 100,000 subreddits into a profit machine

What began as “the front page of the internet” is becoming infrastructure for advertisers and LLMs.

Newsletter

Jan 25, 2026

How Nvidia makes money: The highest-margin shovell seller in tech history

What began as a graphics chip company now captures a disproportionate share of profits from the global AI build-out.

Newsletter

Jan 3, 2026

How Netflix makes money: Burning the playbook to secure the endgame

A content empire is making its endgame moves by turning scale into profit through ads, price ladders, and stricter access.

Newsletter

Dec 14, 2025

How Temu makes money: The economics of selling everything for almost nothing

By subsidizing prices, shipping, and demand at historic scale, Temu is trying to lock in behavior first and negotiate margins later.

Newsletter

Nov 22, 2025

How Polymarket makes money: Burning cash today to mint a token economy tomorrow

The prediction exchange betting its future on a token that will turn global trading volume into a sustainable profit engine.

Newsletter

Nov 3, 2025

How PayPal makes money: The fintech giant losing margin to keep its throne

Its take rate keeps falling, but PayPal’s scale and 438 million users still anchor global digital commerce.

Newsletter

Mar 15, 2026

How SpaceX makes money: Selling internet on Earth to fund life on Mars

From launching rockets to selling internet, SpaceX has built a self-funding machine powering humanity’s next great leap.

Newsletter

Mar 15, 2026

How Robinhood makes money: The zero-commission paradox that redefined investing

A fintech platform capturing billions by routing trades and pocketing interest on idle cash.

Newsletter

Mar 15, 2026

How Palantir makes money: The shadow architect of AI and security

What began as counterterrorism software now drives growth across Wall Street, pharma, and defense.

Newsletter

Mar 15, 2026

How Google makes money: The attention marketplace that shapes the modern web

An ad marketplace that captures and sells online attention, driving billions for Google each year.