The 2023 Fortune 500 list that ranks U.S.-based companies by revenue features a surprising newcomer at No. 195: Coupang, an e-commerce giant that conducts most of its business in South Korea.
Coupang landing on the Fortune 500 for the first time this year is partly a matter of it officially moving its headquarters from Seoul to Seattle in 2022, which qualified it as a U.S. company despite it having no U.S. customers. By Fortune’s reckoning, Coupang is one of two companies with minimal U.S. business; the other is Yum China, the Texas-based fast food operator that runs Kentucky Fried Chicken, Taco Bell, and Pizza Hut in China.
