This Chapter investigates how the Internet has been, and is currently, governed. It examines multistakeholderism as one of the dominant approaches to Internet governance: the concept of multilateral collaboration and decision-making as to the content and infrastructure of the Internet. It identifies pitfalls with this model, including the hegemonic impulses of participants and the creep of private sector power caused by large technology companies. It then interrogates whether the emerging concept of digital constitutionalism can remedy multistakeholderism’s pitfalls in the age of the large technology company. The Chapter sets out areas of tension that proponents of digital constitutionalism will need to resolve if it is indeed to push back against the twin threats of private sector power and the emerging sovereigntist impulses of authoritarian states.