Microsoft was the first United States company to reach a $2 trillion market capitalization after Apple. It crossed the level in June 2021 as investors continued to reward its cloud-computing growth and recurring software revenue.
Microsoft’s transformation from a personal-computer software company into a broad technology platform was central to the milestone. Azure became a major cloud-computing business, while Microsoft 365, Windows, LinkedIn, gaming, and enterprise software diversified the company’s sources of revenue.
Microsoft had first reached a $1 trillion market capitalization in April 2019. Its $2 trillion milestone followed Apple’s crossing of the same level in 2020, making Microsoft the second U.S. company to do so.
Market capitalization is based on the public share price multiplied by shares outstanding. It is therefore a live market measure, not a fixed estimate of replacement cost, yearly sales, or the sum of every asset Microsoft owns.