clock menu more-arrow no yes

It’s official: Apple is the first U.S. public company to reach a $1 trillion market value

$2 trillion, though, will be tricky.

Apple CEO Tim Cook applauds at an Apple Store event Justin Sullivan / Getty

It’s perhaps a meaningless milestone, but humans love big, round numbers. And when Apple’s share price hit $207.05 today, it became the first U.S. public company to reach a $1 trillion market capitalization.

Not bad for a company that was on the verge of insolvency when its late founder Steve Jobs came back to rescue it in the late 1990s, launching a series of products — the iMac, iPhone and iPad — that changed the company and the world.

Here’s a chart of Apple’s all-time market value:

More recently under CEO Tim Cook, Apple’s stock price has risen as the company has bought back billions of dollars worth of shares. (More than 60 percent of Apple’s market-cap growth has happened since Cook became CEO in 2011.)

But its business is also bigger than ever. Over the past 12 months, Apple generated $255 billion of revenue and $56 billion in profits. It has also reported six quarters in a row of accelerating sales growth, led recently by the iPhone X, its fast-growing Services business, including the App Store and Apple Music, and its wearables category, which includes the Apple Watch and AirPods.

Can it reach $2 trillion?

That will be tricky, as the smartphone market and the iPhone business — which has driven most of Apple’s growth over the past decade — has matured. Apple will need to identify and lead one of the next major paradigms of computing — augmented reality glasses? — and figure out a business model nearly as good as the iPhone’s. Good luck!

This article originally appeared on Recode.net.

Sign up for the newsletter Sign up for The Weeds

Get our essential policy newsletter delivered Fridays.