Shopify’s quarter was stronger than the guidance debate suggests.

GMV grew 35% year over year and passed $100B. Revenue grew 34%. More importantly, Shopify is positioning itself as the infrastructure layer for agentic commerce.

AI-driven traffic to Shopify stores is up 8x, and orders from AI-powered search are up 13x. As AI agents begin to handle discovery, checkout, payments, and fulfillment, Shopify’s role becomes more valuable.

My view: Shopify is evolving from an e-commerce platform into the operating system for the next era of commerce and entrepreneurship.

Full research here:

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