Apple set the first $2 trillion market-capitalization record in August 2020.
Apple reached the milestone on August 19, 2020, when its share price rose enough to value the company at approximately $2 trillion. The figure was calculated by multiplying the market price of each share by the number of outstanding shares.
The record came about two years after Apple became the first U.S. company worth $1 trillion on the stock market. Investor enthusiasm centered on the iPhone ecosystem, recurring services revenue, wearables, and the company’s ability to generate substantial cash flow.
Market capitalization should not be confused with annual sales, profit, or balance-sheet assets. It is an equity-market valuation and can change rapidly. Apple’s stock split in 2020 changed the per-share price but did not, by itself, change the company’s overall market capitalization.