Walmart has crossed the $1 trillion market-cap milestone, placing the world’s largest retailer among a small group of U.S. companies whose valuations have reached that level — a list largely dominated by technology giants, The Financial Times reports.

The Arkansas-based company hit the mark Tuesday after a sustained rally that has seen its shares more than double over the past two years, outperforming the broader S&P 500.

Investors have increasingly rewarded Walmart’s push into e-commerce, where heavy spending has helped turn the business into a more formidable rival to Amazon.

Founded by Sam Walton in 1962 with a single store, Walmart now operates close to 11,000 locations globally.

Analysts expect the company’s annual revenue to exceed $700 billion when it reports earnings later this month, though projections suggest Amazon’s sales may surpass Walmart’s for the first time, according to Visible Alpha data.

Despite the milestone, Walmart’s valuation still trails Amazon’s roughly $2.6 trillion market capitalization.

David Schick, managing partner at research firm Optimal Advisory, said Walmart’s performance reflects a strong combination of labor strategy, sourcing discipline, and technology investments. He added that the retailer benefited from continuing to invest during periods of uncertainty while competing against major rivals such as Amazon and Costco.

Walmart becomes one of only 10 U.S. public companies valued above $1 trillion. Nvidia currently leads the group, followed by Apple, Microsoft, Amazon, Alphabet, and Broadcom.

Shares of Walmart climbed as much as 1.6% to about $126 in early trading Tuesday.

The company crossed the $1 trillion threshold during the first week under new chief executive John Furner, who succeeded longtime CEO Doug McMillon over the weekend.

Furner, a longtime Walmart executive, has emphasized further investment in automation and artificial intelligence.

Reflecting its growing digital focus, Walmart recently moved its primary stock listing to the Nasdaq and joined the Nasdaq-100 index, a shift that has drawn additional investment from funds tracking the benchmark.

The retailer has also navigated the impact of tariffs imposed by President Donald Trump over the past year.

Walmart and its suppliers have absorbed most of the added costs, though a portion has been passed on to consumers, contributing to price increases in certain general merchandise categories, according to estimates from Jefferies.

Walmart’s rising valuation significantly boosts the wealth of the Walton family, the company’s largest shareholders. Their roughly 44% stake is now valued at about $443 billion.

Along with Berkshire Hathaway, Walmart is one of only two non-tech U.S. companies currently valued at more than $1 trillion, according to Bloomberg data. Eli Lilly briefly joined the club last year but has since slipped below the threshold.