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Amazon is now worth two Walmarts

On the 20th anniversary of its IPO, Amazon’s market cap stands at $459 billion. Walmart’s? $228 billion.

Amazon CEO Jeff Bezos Addresses Economic Club Of New York Drew Angerer / Getty
Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He was a senior correspondent at Vox.

It took Amazon 18 years as a public company to catch Walmart in market value. It took less than another two years for Amazon to be worth twice as much.

On the 20th anniversary of Amazon’s IPO, Amazon’s market cap stands at $459 billion before the market opens for trading. Walmart’s? $228 billion.

Amazon versus Walmart market cap

Walmart has well more than three times Amazon’s annual revenue, and five times its net income. But Jeff Bezos and Amazon have sold a vision of revenue growth over huge net income figures — and Wall Street has largely bought in.

With that freedom, Amazon has continued to consistently grow its revenue north of 20 percent, while pumping cash into big new business areas like AWS — which some have estimated is already worth $160 billion — and the Alexa voice computing platform.

For Amazon’s next act, it’s taking on Walmart on its own turf: Brick-and-mortar retail.

This article originally appeared on

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