Amazon hits $3 trillion market cap, fifth company ever to reach it

Amazon’s market capitalization topped $3 trillion for the first time on August 3, 2026, making it the fifth company ever to reach the milestone, after Nvidia, Apple, Microsoft and Alphabet.

The shares climbed about 4% that morning to a record high of $287.16, extending a rally that began after Amazon’s second-quarter earnings on July 30. The pace has quickened: it took Amazon a little over two years to climb from a $2 trillion valuation, first reached in June 2024, to $3 trillion — far faster than its earlier ascent to $2 trillion.

Driving the gains is Amazon Web Services, the company’s cloud unit. Amazon said AWS is now running at a $169 billion annualized revenue rate after growing 37% in the quarter, its fastest pace in more than four years.

Amazon’s custom Trainium and Graviton chips are together running at an annualized rate above $25 billion, a sign that spending on AI infrastructure is converting into cloud revenue.

The $3 trillion club remains tiny, and membership tracks the market’s conviction that a handful of megacap firms will capture most of the returns from AI. Whether Amazon holds the level depends less on the milestone than on AWS sustaining growth as rivals expand their own cloud capacity.