This paper studies the expansion patterns of multinational enterprises (MNEs) in time and space. Informed by a set of facts documented using a panel of US MNEs, we develop a multi-country general equilibrium dynamic model featuring a rich structure of costs to firm expansion into host and export markets. We introduce a novel compound-option formulation for the firm problem, which captures the spatial heterogeneity observed in the data. Using the calibrated model, our quantitative applications reveal that both the spatial and time dimensions of MNE activities matter for predicting the effects of globalization shocks.