Its founder Jeff Bezos is the world's richest person.
Amazon briefly exceeded $1 trillion in value Tuesday amid growing criticism from President TrumpDonald John TrumpBrennan defends Kaepernick: He didn't kneel "to disrespect our flag" Trump warns Syria against attack on rebel stronghold: "Don't let that happen" Omarosa celebrates second week on bestsellers list despite "hit-pieces" from Trump allies MORE, becoming the second corporation to ever pass that threshold. The iPhone maker's market cap is still over $1 trillion.
In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but profitable advertising and cloud computing businesses.
Apple topped that mark in early August.
One of Amazon's revenue drivers is its Prime subscription service which offers streaming video and music, free delivery and other perks and which has more than 100 million members worldwide.
Buying the Whole Foods grocery chain a year ago got Amazon established real world outlets while putting its delivery and retail smarts and systems to work in the brick-and-mortar world.
For the fiscal year 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion, netting it an adjusted profit of $6.15 per share, according to the company's annual report.
Note that Morgan Stanley's theoretical breakdown assumes a stock price of $2,500 - higher than Amazon's current price, and thus a market value of slightly higher at $1.32 trillion.
Apple was named as the first publicly listed U.S. company to be valued at $1,000,000,000,000 on August 2.
Here's the breakdown of how Morgan Stanley - one of the stock's most bullish sell-side shops - sees Amazon's five main units in terms of value. Although it is well established in the United States and UK, it has huge scope to grow in the rest of Europe and Asia, especially India.
"While the share price has doubled over the past year, we are long-term believers in the case for the company, and continue to be confident in our positions".