Apple is about to become the world’s first $3 trillion company

(CNN) — Apple is on the verge of yet another major milestone. The iPhone maker is close to topping a market value of more than $3 trillion — the first publicly-traded company ever to be worth that much.

Shares of Apple were up about 1% in premarket trading Monday to around $181.75. The stock needs to hit $182.85 for Apple to surpass the $3 trillion mark.

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

Apple shares are up more than 35% this year alone. 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 most recent 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 $2.6 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 $1 trillion.