Alibaba was founded in 1999 in an apartment and has since grown to a $140 billion valuation. It launched successful sites like Taobao and Alipay and now generates billions in annual revenue. Alibaba saw the potential of the Chinese market early on and built a large business through its free marketplace model. It continues to expand its services, including a new US ecommerce site, and remains a dominant player in China's growing online retail industry.