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Amazon shares break above $1,000 for the first time ever

  • Amazon shares briefly hit $1,000 a share.
  • Shares have been on the upswing since blockbuster earnings reported in April.

The race between Alphabet and Amazon to $1,000 was on earlier this month and Amazon just took the prize.

In the first hour of trading Tuesday, Amazon crossed $1,000 per share before sliding back under. Still, it was the first time Amazon had reached the milestone, and was a long way from the company's 52-week low of $682.12.

According to FactSet, just 14 other U.S. stocks trade above $1,000 per share, and the only other tech company in the club is Priceline Group, currently trading around $1,865. Of note: Amazon is more than four times more valuable than those 14 other companies combined.

Amazon has split three times since its IPO in 1997. In 1998, it issued a 2-for-1 split. In January 1999, it issued a 3-for-1 split and in September 1999, it split 2-for-1. When Amazon hit $1,000, it's technically the equivalent of a $12,000 share price in today's terms.

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Amazon topped estimates in late April when it posted revenue of $35.7 billion and an earnings per share of $1.48, sending the stock on its upward trend. Amazon said sales increased 23 percent during the quarter and its Amazon Web Services business sales increased 42 percent, showing increased demand for its cloud services business.

Alphabet isn't too far behind; shares of its Class A stock are trading above $995.

-- CNBC's Peter Shacknow contributed to this report

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