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The growing engagement with sovereignty in anthropology has resulted in a range of concepts that encapsulate how various (non-state) actors execute power. In this paper, we further unpack the concept of 'corporate sovereignty' and outline its conceptual significance. Corporate sovereignty refers to performative claims to power undertaken by (individuals aligned to) corporate entities with profit-making objectives within a state-sanctioned space. This contrasts with claims made by other (non-state) actors who operate in a permissive space that (regularly) lacks this legally grounded relationship with the state. By unpacking this state-sanctioned permissive space and highlighting the role of the state as the arbiter, our approach to corporate sovereignty offers a new comparative analytical perspective to theorize how sovereignty is performed and opens ethnographic avenues to explore how sovereignty is negotiated and co-produced across diverse localities. To elucidate our argument, we draw from ethnographic fieldwork conducted on coal mining companies in Mozambique and private security companies in South Africa. By focusing on cases that differ, we want to show the multitude of ways in which corporate sovereignty is enacted and takes shape. [ABSTRACT FROM AUTHOR]