This paper examines how the Islamic State (IS) in Syria and Iraq can be understood in light of theoretical ideal types of terrorism, insurgency and jihadi proto-states and whether counter terrorism (CT), counter insurgency (COIN) and jihadi proto-state theory can help identify different strands of the sixty-six nation Global Coalition effort against IS and possible risks and opportunities to the campaign. The study draws on primary sources in the shape of public documents and statements issued by governments, the UN and IS. The findings reveal that, while IS remains firmly committed to its jihadi ideology, it could today usefully be understood as an insurgent group so successful that that it has created its own proto-state. IS still, however, seeks to promote its political interests and compensate for its conventional military weakness by making frequent use of terrorist tactics.While coalition leaders portray IS as a terrorist group, the Coalition’s “counter terrorism campaign” has clear elements of both CT, COIN and tools undermining the proto-state strand of IS activity. Furthermore, CT, COIN and proto-state theories can help flag risks and opportunities to the Coalition, by providing additional conceptual lenses for understanding IS and potential counter-measures and by highlighting possible offsetting effects between CT and COIN.