Apple is about to be the first company to be worth $ 3 trillion

New York (CNN Business) – Apple is about to hit another big milestone. The iPhone maker is about to exceed a market value of more than US $ 3 trillion, becoming the first publicly traded company to be worth that much.

Apple shares rose about 1% in pre-market trading on Monday, hovering around $ 181.75. The stock needs to hit $ 182.85 for Apple to break the $ 3 trillion mark.

Apple’s market value first crossed the $ 1 trillion threshold in August 2018 and surpassed $ 2 trillion in August 2020.

Shares of Apple are up more than 35% this year alone. The company has benefited from booming demand for its new iPhone 13 and older models, as well as subscription services like Apple Music, Apple TV +, iCloud and its popular App Store.

Sales increased almost 30% to exceed US $ 83 billion in the Apple’s last quarter, which ended in September. The company also has an impressive $ 191 billion in cash.

But before long, Apple may not be alone in the $ 3 trillion club. Microsoft is now worth about $ 2.6 trillion and the market value of Alphabet, which owns Google, is around $ 2 trillion. They are still giants, but they lag a little behind, Amazon, which has a market capitalization of $ 1.7 trillion, and Elon Musk’s Tesla, which is worth a trillion.