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In fiscal year 2014, Alibaba's revenue was approximately 52.5 billion RMB; in fiscal year 2026, revenue was 1,023.7 billion RMB, an increase of nearly 20 times.
2014 market cap: Alibaba's closing market cap on its first day of IPO in September 2014 was about $231 billion (approximately 1.4 trillion RMB), once becoming the world's second-largest internet company.
2026 market cap: As of the end of June 2026, Alibaba's market cap was about $227-252 billion (recent low around $227 billion), basically flat or slightly lower than at the time of its IPO 12 years ago.
Is this reasonable?
Reasonable.
Stocks are about buying the future.
Previously, investors believed Alibaba had unlimited future prospects.
Now, investors think Alibaba has no future.