Apple is climbing, here's what it will take to hit $1 trillion in market cap

  • Shares hit an all-time high during early trading and came within 50 cents per share of the record market value.
  • Apple revealed an adjusted outstanding share count Wednesday.

Apple stock is climbing Thursday, up 2 percent and nearing its new threshold for a $1 trillion market cap.

Shares hit an all-time high of $206.58 during early trading, just 50 cents per share short of becoming the first publicly traded U.S. company to hit the record valuation.

The company revealed an adjusted outstanding share count of 4,829,926,000 Wednesday alongside the company's third-quarter results. That factors in hefty stock buybacks and nudged the trillion-dollar per share price to $207.05.

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Investors had previously been looking for a share price of $203.45 to hit the record market cap.

Shares of Apple gained more than 5 percent Wednesday after a strong quarterly report and big beats on earnings per share, software and services revenue, and average iPhone selling price.

The surge gave Apple a considerable lead over e-commerce giant Amazon in the race to become the first publicly traded U.S. company worth $1 trillion.