Apple owns the iPhone and became the first company to reach a $3 trillion market value. It briefly crossed that threshold in intraday trading on January 3, 2022, before closing below it, then passed the level at closing value in June 2023.
Market capitalization is calculated by multiplying a company’s share price by its shares outstanding. It is not the same as revenue, profit, or cash on hand. Apple’s valuation reflects investor expectations about its hardware, software, services, and global customer base.
Apple began in 1976 when Steve Jobs, Steve Wozniak, and Ronald Wayne formed the company. The Macintosh, iPod, iPhone, and App Store each helped expand its business beyond personal computers.
A common mix-up is confusing Apple’s $3 trillion milestone with the first $1 trillion milestone. Apple was also the first publicly traded U.S. company to pass $1 trillion in market capitalization, in 2018.