3 Stocks That Could Join the Trillion-Dollar Market Cap Club Next Year

Believe it or not, there are now nine publicly traded U.S. companies worth $1 trillion or more.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. See the 10 stocks »

They are Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta Platforms, Tesla, Broadcom, and Taiwan Semiconductor. Berkshire Hathaway was briefly a member of the group, but its market cap has dipped slightly below the threshold this month. Still, it seems likely that it will rise back above the mark again, effectively making the conglomerate the tenth trillion-dollar company.

Just a few years ago, there weren't any U.S. companies worth more than $1 trillion, and at the end of 2023, there were only five (the first five named on the list above).

Thanks to the artificial intelligence (AI) boom, a resilient U.S. economy, and falling interest rates, membership in the club isn't quite as exclusive as it once was. Assuming this bull market continues in 2025, there are a few more companies that could reach a $1 trillion market cap -- including these three.

Image source: Getty Images.

1. Walmart

Walmart (NYSE: WMT) has been one of the biggest surprises on the stock market over the last few years as the brick-and-mortar retail giant reinvented itself as a cohesive omnichannel business with growth avenues in e-commerce, a third-party marketplace, and advertising. Meanwhile, it performed well in the inflationary period thanks to its strength in groceries and its economies of scale, which allowed it to beat competitors on price and also pass along price increases to customers.

Walmart's market cap has more than doubled over the last three years, and the stock was up 81% year to date through Dec. 18 thanks to solid growth on the top and bottom lines. Wall Street also seems to be rerating the stock in recognition of the value of its competitive advantages. Walmart now has a market cap of $763.8 billion.

From there, its market cap would have to increase by 31% in 2025 for it to cross the $1 trillion threshold. That won't be an easy climb, especially after this year's steep rise, but it could get there.

Walmart is unlikely to deliver 31% earnings growth, but it could benefit from continued multiple expansion, as its P/E of 39.2 is still a significantly lower valuation than Costco's P/E of 57.

2. Eli Lilly

Eli Lilly (NYSE: LLY) is now the most valuable pharmaceutical company in the U.S. thanks to the strong sales of its weight-loss and diabetes drugs Zepbound and Mounjaro (both of which are brands of the same compound, the GLP-1 inhibitor tirzepatide). It nearly reached a $1 trillion market cap earlier this year, but broader pressure in the pharma sector sent the stock lower in the second half of the year.

Lilly is now up 32% year to date, with a market cap of $689.5 billion, meaning it would need to grow by 45% to get to $1 trillion.

However, a look at Eli Lilly's recent results shows why that's very much within reach for the company. Revenue in the third quarter rose 20% to $11.4 billion, driven by sales growth from Mounjaro and Zepbound. As those drugs have gained adoption, Lilly's profits have soared: Adjusted net income jumped by more than 1,000% year over year to $1.06 billion in the quarter. Those drugs also have a lot of potential to be big sellers outside of the U.S. as well.

The analysts' consensus estimate is that Lilly's adjusted EPS will jump from $13.15 in 2024 to $22.60 next year, but the company could easily top that forecast. If sales of its new weight-loss drugs continue to grow and its addressable market expands, a $1 trillion market cap could be within Lilly's reach.

3. JPMorgan Chase

No banks have yet reached the $1 trillion market cap level, but JPMorgan Chase (NYSE: JPM) could become the first. It's the nation's largest bank by assets, and its diversified business model across commercial and investment banking, and CEO Jamie Dimon's balanced stewardship, have given it a market cap that's head and shoulders above its competitors.

Year to date, the bank is up 35%, and its market cap is $648.6 billion. At that valuation, it would need to jump another 54% to reach $1 trillion. That might make it a long shot to hit that mark next year, but a perfect storm could be brewing for JPMorgan Chase.

First, bank investors are hopeful that the incoming Trump administration will bring a looser new regulatory framework on the antitrust front that would encourage more mergers and acquisitions. That would benefit investment banks like JPMorgan Chase which collect large fees for advising and facilitating M&A deals. Friendlier regulatory oversight could also enliven the IPO market, which could yield another windfall for JPMorgan. Additionally, investors are betting that a Republican-controlled Congress and White House will cut taxes, which would favor banks by leaving more money available for investment. Finally, interest rates have remained elevated and the Fed just cut back its forecast for rate cuts next year from four to two. Higher interest rates make it easier for JPMorgan Chase to earn more money on loans.

A strong, less-regulated economy with high interest rates may be the ideal scenario for JPMorgan Chase stock. And with the stock trading a price-to-earnings ratio of 12.8, it has plenty of room for multiple expansion as well.

Don’t miss this second chance at a potentially lucrative opportunity

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:

• Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $349,279!*
• Apple: if you invested $1,000 when we doubled down in 2008, you’d have $48,196!*
• Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $490,243!*

Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.

See 3 “Double Down” stocks »

*Stock Advisor returns as of December 16, 2024

JPMorgan Chase is an advertising partner of Motley Fool Money. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Jeremy Bowman has positions in Amazon, Broadcom, and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Berkshire Hathaway, Costco Wholesale, JPMorgan Chase, Meta Platforms, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, Tesla, and Walmart. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.