Apple became the first company to close above a $2 trillion market capitalization on August 19, 2020.
Apple reached the milestone as investors continued to value its iPhone business, services division, wearables, and large installed base of devices. Its share price rose sharply during 2020, despite the disruption caused by the COVID-19 pandemic.
Market capitalization is calculated by multiplying a company’s share price by its shares outstanding. It can change every trading day, so reaching a market-cap threshold is different from reporting a particular annual revenue or profit figure.
Apple had previously become the first publicly traded U.S. company to reach $1 trillion in market value in 2018. It later became the first to pass $3 trillion intraday in 2022, a separate milestone from its 2020 closing record.