I don't think it happens quite that distinctly in the world we live in now (technology, etc.). It's not like a big tech company can go attain the same direct power as the East India company way back in the day. It's much more likely that companies continue to gain lobbying and "soft" power that directs the military into doing things. Large corps do have more money than many countries, so if a huge company wants to setup manufacturing or gain benefits in a smaller country they do have outsized power, but its rare that a huge company has more power than their own country from what I know (potentially oil companies are the exception which is why national oil companies seem to have so much weight in so many countries). For example sure the big tech companies are very powerful, but the US military budget per year is still nearly the same size as the largest tech companies market cap. Whereas you are right that a US big tech company has more revenue than say...Guatemala, or Morocco.