This chapter provides an in-depth discussion of the evolution of Airbnb’s business model until its initial public offering at the end of 2020. We identify three periods of development that mark distinctly different orientations in how the international market leader in peer-to-peer accommodation created and captured value from its activities. While the first two periods were characterised by developing the initial configuration of the business model and experimenting with different growth paths, the third period has been dominated by finding a response to the COVID-19 pandemic and a business model that will work in the context of the new travel reality.