Two Fastest Growing Ecommerce Companies Just Caught the Eye of a Legendary Investor—Here's Why It Matters

What Druckenmiller is Doing in the Ecommerce Space

Legendary money manager Stanley Druckenmiller’s Duquesne Family Office has been making strategic moves in the e-commerce sector. Beyond his recent Amazon purchase, the investment office significantly expanded its positions in two regional ecommerce powerhouses: Coupang (NYSE: CPNG) and MercadoLibre (NASDAQ: MELI).

These two fastest growing ecommerce companies operate in distinctly different markets—Coupang dominates East Asia, while MercadoLibre leads Latin America—yet both are executing remarkably similar expansion playbooks. The question for investors is straightforward: should you follow this sophisticated capital into these names?

The Coupang Story: Convenience as a Competitive Moat

Founded in 2010, Coupang transformed itself into South Korea’s e-commerce juggernaut by adopting a vertically integrated logistics network inspired by Amazon’s model. The company now serves 24.7 million active customers—nearly half of South Korea’s population—primarily through its subscription loyalty program.

What makes Coupang particularly compelling is its operational efficiency: Prime-like members receive same-day or next-morning delivery (by 7 a.m.) on everything from consumer electronics to fresh groceries, all with free shipping. The returns process is equally frictionless. Revenue generation has reached just under $34 billion over the trailing twelve months, with per-user spending climbing 7% year-over-year.

But Coupang’s ambitions extend far beyond logistics. The company now operates Coupang Eats (food delivery), a video streaming service, an advertising network, fintech investments, and a cloud computing division. Most notably, it acquired the fashion marketplace Farfetch in early 2024. International expansion into Taiwan is showing early promise, with revenues accelerating over 100% annually in that market.

MercadoLibre: Tapping an Underpenetrated Market

MercadoLibre represents a different growth narrative—one rooted in regional market opportunity rather than operational excellence alone. The ecommerce leader serves 107 million customers across Latin America, with Brazil, Mexico, and Argentina contributing the bulk of revenues.

Unlike South Korea’s mature digital infrastructure, Latin America’s internet connectivity and transportation networks remain less developed. This creates a significant expansion runway for MercadoLibre. The company invested heavily last quarter—commerce revenues grew 38% on a currency-neutral basis—positioning itself for sustained double-digit expansion over the next decade.

The real differentiation lies in MercadoLibre’s fintech operations. Its payment processing, MercadoPago personal finance application, and banking/lending division generated constant-currency revenue growth of 65% last quarter alone. Combined, MercadoLibre’s overall revenue accelerated 49% year-over-year, making it among the fastest growing ecommerce and technology platforms globally.

Decoding the Valuation Puzzle

Both companies carry what appears to be expensive valuations on the surface. Coupang trades at a trailing P/E of 132, while MercadoLibre sits at 50. These metrics, however, fail to account for the earnings power these businesses will generate as they mature and investment spending moderates.

MercadoLibre currently operates at a 12% profit margin, but its high-margin fintech division suggests this could expand toward 20% within a decade. If revenues continue scaling—a reasonable assumption given market dynamics—annual net income could grow from roughly $2 billion today to over $10 billion within ten years. Against MercadoLibre’s current $100 billion market cap, this implies a forward P/E ratio approaching 10.

Coupang faces a tougher margin profile today at just 2%, but has substantial operational leverage potential. A 10% margin on $50 billion in revenue (achievable within years) would deliver a P/E ratio similar to MercadoLibre’s long-term target. Both companies appear cheaply valued when viewed through a decade-long lens rather than today’s snapshot.

The Investment Case

Don’t let current P/E ratios mislead you. Both Coupang and MercadoLibre represent the fastest growing ecommerce companies with genuine competitive advantages, improving unit economics, and substantial runway ahead. For long-term investors willing to tolerate near-term volatility, the risk-reward proposition is compelling—especially when sophisticated capital like Druckenmiller’s is validating the thesis.