The House Judiciary Committee issued a subpoena to Coupang on February 5, 2026, requesting all communications between the e‑commerce firm and the South Korean government. The subpoena is part of a broader investigation into whether South Korean regulators are discriminating against U.S. technology companies, a concern that has intensified amid trade tensions between the two countries.
Coupang, the “Amazon of South Korea,” has said it will fully cooperate with the committee, providing documents and witness testimony as required. The subpoena marks the first formal request for documents from the company in the probe, raising the possibility of further investigations or enforcement actions if the committee uncovers evidence of discriminatory practices.
The investigation is linked to a November 2025 data breach that exposed more than 33 million customer accounts. While Coupang initially reported only 3,000 affected accounts, it later confirmed an additional 165,000 accounts were compromised. South Korean authorities have accused Coupang’s interim CEO of making false statements to lawmakers about the breach, and the U.S. committee has characterized the Korean actions as threatening U.S. citizens with criminal charges.
In the wake of the subpoena, Coupang’s interim CEO Harold Rogers is scheduled to testify before the committee on February 23. Failure to comply could result in contempt of Congress charges. The subpoena also comes as Coupang’s financial performance shows a mixed picture: 2024 revenue rose 24.1 % to $30.27 billion, but earnings fell 88.7 %. In Q3 2025, the company reported earnings per share of $0.05, beating analyst estimates of $0.04, while revenue grew 17.8 % to $9.27 billion.
Analysts note that the company’s strong revenue growth is driven by its core e‑commerce and logistics segments, but declining profitability reflects higher operating costs and investments in new services such as food delivery and streaming. The subpoena adds regulatory uncertainty that could weigh on near‑term earnings, yet management remains confident that its scale and logistics network will sustain long‑term growth.
The market reaction to the subpoena has been cautious. While analysts maintain a “Buy” consensus, they cite valuation concerns and the potential impact of ongoing investigations on the company’s profitability. Investors are watching how the committee’s findings will affect Coupang’s ability to compete in the U.S. market and whether the data breach will lead to further regulatory scrutiny.
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