(CNN) — Apple has reached yet another major milestone. The iPhone maker topped a market value of $3 trillion Monday — the first publicly traded company ever to be worth that much.

Shares of Apple were briefly up about 3% to a new all-time high of $182.88, surpassing the $182.85 per share it needed to be worth $3 trillion. The stock later pulled back from that level.

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

Apple shares were up nearly 35% in 2021. The company has benefited from booming demand for its new IPhone 13 and other older models as well as subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store.

Sales surged nearly 30% to more than $83 billion in Apple’s fall quarter, which ended in September. The company has a whopping $191 billion in cash as well.

But before long, Apple may have some company in the $3 trillion club. Microsoft is now worth about $2.5 trillion and Google owner Alphabet’s market value is right around $2 trillion. Still giant but further behind are Amazon, which has a market cap of $1.7 trillion, and Elon Musk’s Tesla, worth about $1.2 trillion.

The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

(Copyright (c) 2022 CNN. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Join our Newsletter for the latest news right to your inbox