I think it will be very interesting to see how Alibaba approaches the US market - whether they seek to replicate their current model, or leverage their cash hoard to buy their way into the market via acquisitions. They seem to have made a number of investments, though are less active (to this point) in M&A. Or perhaps they have sufficient runway in China to feed their need for growth. A $15B cash raise from an IPO offers plenty of tantalizing opportunities.