The Catholic church is basically a corporation, where the cardinals (the board) elect a non-hereditary emperor (the CEO). Theories of the firm have modeled ideas about corporate governance on the success of this structure. In the past this catholic firm raised armies, held large areas of Italy as the papal states and still today are considered to be a sovereign entity.

> What we've yet to see in history is a corporation that directly and openly challenges a state for sovereignty.

I think you're correct, but the East India Company came pretty close, didn't they?

https://en.wikipedia.org/wiki/East_India_Company

https://en.wikipedia.org/wiki/Company_rule_in_India

As I mentioned in my statement, they certainly come the closest but still far from it, given that they were chartered by the King and then their charter revoked as soon as they grew too large with their land holdings (India) effectively confiscated.

They also didn't challenge Indian state directly, but rather as vassels of the British Empire.

What I'm talking about is for example if Amazon raised a Military, set up a border around Seattle, declared the Port their own and then told the US Govt "we're a sovereign nation" and forced the US into a treaty.

Don't think an army assembled in this manner could withstand the US military, at least not yet

Unquestionably not.

I can think of one example of a corporation overthrowing a state, albeit with its parent government's assistance: https://en.wikipedia.org/wiki/United_Fruit_Company

Still falls into the same category of being given a state granted monopoly.

At the point that a corporation has an independent military then we might see something interesting. I'd argue they would get obliterated fairly quickly but it would be an interesting effort.

Why make it overt if you can just buy the government?