The growth of the Internet of Things (IoT)—internet-connected software embedded within physical products—has the potential to shift fundamentally traditional conceptions of ownership and the ways people can access, use, and control information. Drawing upon a knowledge regulation framework influenced by Susan Strange, this chapter argues that the IoT industry exemplifies the central role that knowledge governance now plays in the global political economy. The chapter examines how companies that own the knowledge integral to the IoT’s functionality (the software) control that knowledge through intellectual property laws, especially copyright, and the ubiquitous surveillance of their customers. These companies retain control over the software even after its purchase, meaning they have a newly expanded regulatory capacity to monitor and control how their products are used. The private post-purchase control that IoT companies exert over smart goods represents a significant change in private actors’ regulatory capacity to set rules governing knowledge.