While the public health community has focused on the harm-reduction potential of new nicotine delivery systems (NNDSs) and, conversely, their potential for impeding overall efforts to prevent and reduce tobacco use, limited analysis has been conducted on the role of leading transnational tobacco companies (TTCs) in this rapidly growing market. Following aborted efforts during the 1980s and 1990s to develop reduced-risk products, TTCs have heavily invested in selected NNDS products since 2010 via acquisitions and internal research and development. This article catalogs and analyzes the patterns of investment in NNDSs by leading TTCs over time, and identifies differences in the companies’ approaches to NNDS product acquisition and development in specific markets globally. This analysis raises important questions regarding the companies’ intent, which appears to be to sustain, rather than replace, cigarette sales, and to increase their influence and credibility with respect to NNDS policy and regulation. We identify the need for greater public health vigilance and research to understand and respond to the increasingly significant role of NNDSs in TTCs’ global business strategies, to ensure that NNDSs advance, rather than hinder, tobacco control efforts.