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Shopify (NASDAQ:SHOP) stock closed at $179.22 on Monday, its first record close in nearly a year. But the margin was small — just 21 cents over the e-commerce software company’s prior best of $179.01, set on Oct. 29, 2025.
Plenty happened between the two closes. The growth stock shed nearly half its value by mid-May, closing as low as about $95, and it’s gained about 88% since then. As I write this, shares trade right around Monday’s level.
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That means investors buying now pay almost exactly what buyers paid at the last record. What they get for that price, though, has changed.
The record came without new results
Monday’s rise of nearly 5% capped a climb of around 18% over just six trading days. But it didn’t come with any new numbers from Shopify. The company hasn’t released financial results since Aug. 5, and its next report isn’t due until Nov. 3.
Instead, shares seemed to get a boost from positive Wall Street comments on artificial intelligence (AI) shopping agents. They’re programs that can find and buy items on a shopper’s behalf. Shopify has spent this year making its merchants’ products available to those agents, and AI-driven orders to Shopify stores in the second quarter were triple the year-ago level.
But management itself has been careful about how much this means so far.
“[W]hile the volume from agentic commerce is still small relative to our massive [gross merchandise volume], the growth trends are impressive,” Shopify president Harley Finkelstein said on Shopify’s second-quarter earnings call.
Put another way, the excitement that helped drive shares to a record is about a channel that still makes up a small slice of the sales on Shopify’s platform. I think the stronger case for the stock is in the numbers the company has already released.
A bigger business
Showing how much Shopify has grown between those two records, its revenue in the 12 months through June was around $13.3 billion, up about a third from the 12 months before that. And growth has accelerated along the way. Year-over-year revenue growth over the past four quarters was 32%, 31%, 34%, and 34%. Management’s guidance calls for growth in the low 30s again in the third quarter. For a business this big, holding above 30% for more than a year is impressive.
