A guide to trillion-dollar companies

Only a few companies have ever surpassed the trillion-dollar valuation. Let’s take a look at which companies belong to the stock market’s most exclusive club.

Are there any companies worth a trillion dollars?

Yes, although it is rare to see a company pass a trillion-dollar market capitalisation, a handful of companies are worth the eye-watering sum.

It’s important to remember that just because a company reaches the trillion-dollar valuation, doesn’t necessarily mean its fundamental value is that high. Some companies that reach the landmark do so as a result of heightened speculation on their share price.

Interestingly, only one company that has reached the valuation in the last 10 years has been a non-US company. Most companies that hit the trillion-dollar mark are tech companies.

How many trillion-dollar companies are there?

As of August 2023, there are currently six trillion-dollar companies on the market, these are:

Apple - $2.8 trillion
Microsoft - $2.4 trillion
Saudi Aramco - $2.2 trillion
Alphabet - $1.6 trillion
Amazon - $1.3 trillion
NVIDIA - $1.1 trillion

Other companies touched the valuation – such as Tesla and Meta – but have since fallen back into the mere billions.

Let’s take a look at each member of the current trillion-dollar club.

1. Apple

US tech giant Apple first surpassed the trillion-dollar mark in August 2018, the first US company to do so. Its valuation did fall back below $1 trillion in 2019, but quickly recovered and has been trading above the milestone valuation again since the end of 2019.

Apple was later valued at more than $2 trillion in 2020 and was the first company to surpass the $3 trillion mark in June 2023 after a surge in technology stocks. As of August 2023, Apple’s market capitalisation sits at around $2.929 trillion.

The company was founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. It’s the largest technology company by net profit.

2. Microsoft

Tech giant Microsoft first became a trillion-dollar company in April 2019, firming up its position as one of the most influential companies in the world.

It joined Apple in the $2 trillion-dollar club in mid-2021, before falling back during the equity market slump in 2022. As of April 2023, Microsoft regained its $2 trillion valuation and has retained it ever since.

Although it hasn’t hit the $3 trillion mark yet, in July 2023, analysts at Morgan Stanley set a price target that could see the milestone hit by 2024 – a $415 per share price tag would give Microsoft a value of $3.1 trillion.

3. Saudi Aramco

Saudi Aramco, the oil and gas giant, is the only non-US stock on the list. The company was founded in 1933 when the Saudi Arabian government signed a concession agreement with the Standard Oil Company of California (SOCAL).

Saudi Aramco only went public in 2019, in what was a record-breaking IPO as the company’s valuation hit the trillion-dollar mark on its first trading day. By the second trading day, its valuation had hit over $2 trillion. Since then, its valuation has fluctuated between $1-$2 trillion.

As of August 2023, it's still worth over $2.226 trillion.

4. Alphabet

Google’s parent company Alphabet became the fourth US tech giant to reach a $1 trillion valuation in January 2020.

Its market cap has fluctuated a lot ever since, briefly getting near the $2 trillion mark in 2021 but never quite reaching the next milestone.

Alphabet continues to dominate digital search, but the introduction of artificial intelligence bots – such as ChatGPT – has led some to question whether it will retain its leading position without significant technological advancement.

5. Amazon

Amazon was the second company to hit the trillion-dollar valuation just a month after Apple in September 2018. But its celebrations were short-lived, as it was impacted by the market slump later that year.

It hit the $1 trillion market cap again in January 2020 after releasing blowout Q4 earnings that revealed a massive boost to its Prime subscription.

Amazon dropped out of the trillion-dollar club in late 2022 but only for a couple of months – re-joining the elite companies again in April 2023.

6. NVIDIA

NVIDIA, known for its graphics processing chips, has recently rocketed into the public eye – with its market cap jumping more than 200% in the last year. The company has benefited from consistent growth over the last few years but has seen a pop in support amid the recent push toward investment in AI.

It entered the trillion-dollar club in May 2023 after its valuation soared by more than 25% in a matter of days. Its valuation has fluctuated since then but was still above $1 trillion as of August 23 2023.

Who was the first trillion-dollar company?

PetroChina was the first-ever trillion-dollar company. It reached this market capitalisation on its very first day of trading on the Shanghai Stock Exchange back in November 2007. However, it only held that valuation briefly.

The first longer-lasting trillion-dollar company was US tech company Apple, which, as we know, hit that level on August 4, 2018.

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Open your City Index account and add some funds
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Trillion-dollar company FAQs

Is Apple a multi-trillion-dollar company?

Yes, Apple is a multi-trillion-dollar company. As of August 23 2023, its valuation was $2.8 trillion.

Is NVIDIA a trillion-dollar company?

Yes, NVIDIA is a trillion-dollar company. As of August 23 2023, its valuation was $1.185 trillion.

Is Tesla a trillion-dollar company?

No, as of August 2023, Tesla is not a trillion-dollar company. The electric-vehicle business did reach the lofty valuation for the first time in October 2021 after its shares increased by 10% in intra-day trading. However, its market capitalisation fell back in the following months and dropped out of the trillion-dollar club in April 2022.

Are there any 3 trillion-dollar companies?

Apple did become the world’s first $3 trillion company in June 2023 but hasn’t retained that market capitalisation in the subsequent months.

Is there a 10 trillion-dollar company?

Currently, there are no 10 trillion-dollar companies, the highest valuation reached is just over $3 trillion. But most of the tech giants – including Apple, Amazon and Microsoft – will likely have their eye on who can be the first company to reach such a history-making valuation.

What company is worth the most?

The company that is worth the most, as of August 2023, is Apple. It has retained this title fairly consistently since 2012, only briefly losing its crown to ExxonMobil in 2013 and Microsoft in 2019.

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