Revenue Memo

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

Featured posts

Newsletter

Oct 7, 2026

How DoorDash makes money: The 13-cent toll on America's takeout habit

DoorDash handled $102 billion of orders last year and kept about 13 cents of every dollar. What it does with that slice explains the whole company.

Newsletter

Aug 30, 2026

How Intel makes money: The chip titan carving itself up to save the factories

Intel's chip business earns billions. Its factories lose even more, and now the US government, Nvidia, and SoftBank are helping pay for them.

Newsletter

Aug 2, 2026

How Sony makes money: PlayStation is its biggest business, but not the best one

The company everyone knows for PlayStation earns its best margins on songs and camera chips.

Newsletter

Jul 12, 2026

How Anduril makes money: Building weapons the way Detroit made cars

Anduril's bet is industrial, not just technological: price autonomous weapons cheap, build them on production lines by the thousand, and let scale beat the primes' bespoke model.

Newsletter

Jun 21, 2026

How Uber makes money: Building the super app of the driverless future

Uber made $52 billion without owning a single car. The next chapter is making money without needing a driver.

Newsletter

Jul 12, 2026

How Spotify makes money: The jukebox that owns nothing and earns billions

A licensing-heavy audio platform is turning rented music, algorithmic placement, and pricing power into a margin expansion story.

Newsletter

Jul 12, 2026

How OpenAI makes money: The most expensive free product ever built

By subsidizing intelligence for 900 million free users, OpenAI created unprecedented demand it still can't afford to serve.

Newsletter

Jul 12, 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

Jul 12, 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

Jul 12, 2026

How Nvidia makes money: The highest-margin shovel 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

Jul 12, 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

Jul 12, 2026

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.