ABSTRACT This article develops a critical spatial analysis of contemporary proposals to regulate transnational corporations (TNCs). Following an analysis of the existing topology of international regulatory space, the article develops a model of alternative spatial orders which would enable TNC regulation and uses this model to critically assess the different spatial orders implicit in the major proposals being tabled by two civil society groupings in the current treaty negotiations at the UN Human Rights Council. It shows that the proposals of the Human Rights NGOs would elaborate an ‘imperial sovereignty’, with the horizontal extension of the sovereignty of Northern states into the territory of Southern states, while the proposals of the Global Campaign would elaborate a ‘global sovereignty’ through the vertical dispersal of sovereignty, both upwards and downwards, to elaborate a more emancipatory universal spatial order. Understanding these implicit spatialities enables a deeper assessment of the implications of the different proposals.