Once primarily known as a mobile game publisher, AppLovin has transitioned into a pure-play software and AI-driven ad tech company. That engine, AXON 2.0, is the proprietary AI brain of the company. In a research note, Giarelli points to AppLovin's Rule-of-40 score (a gold-standard metric combining revenue growth and operating margin), which recently clocked in at 151%. BofA expects AppLovin's total revenue in 2026 to reach $9.3 billion, a forecast of nearly 70% growth compared to 2025. This represents a leap from 2025, where AppLovin's overall advertising revenue crossed $1 billion per quarter.