Last month, Apple became the first U.S. company to become a $1 trillion company.
The company's success put its founder and chief executive Jeff Bezos top of the Forbes billionaires list this year.
It's official: Amazon is the second American company to achieve a valuation of more than $1 trillion.
Amazon shares were last up 1.1 percent at $2,035.69, pulling back slightly from the milestone level of $2050.2677.
We'd say that this valuation has been a long time coming, but Amazon was worth just $580 billion in comparison as of early 2018, according to CNN.
The e-commerce giant's stock rose to a high of $2,050.50 on Tuesday morning. By early afternoon, Amazon's stock was trading at $2,030 per share, up less than 1 percent, putting its market cap at $990 billion.
Wall Street has grown very enthusiastic about Amazon's non-retail businesses, the Associated Press reports. Amazon Web Services provides cloud computing services to companies and government, and Amazon's advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site.
"This year marks the 20th anniversary of our first shareholder letter, and our core values and approach remain unchanged", Bezos said in his 2017 letter to shareholders in March of this year.
He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".