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Netflix and Elon Musk’s Tesla are both heading for $1trillion dollar valuations, according to a new study by Approve.com. The research identified which tech companies are set to reach 12 figures in the next few years, after Facebook reached the milestone in July 2021.
Tesla, the automotive manufacturer and technological innovator of which Elon Musk is the CEO, is one of two companies on track to hit $1trillion by 2022.
The world-famous company continues to grow exponentially, with a current market cap of $584billion and an average annual growth rate of 123.87 percent.
Musk has been involved with the company from early in its life, building the electric vehicle and clean energy company into an empire.
Tencent, the Chinese technology conglomerate and video game vendor is the other company on course to reach a $1trillion valuation by next year, boasting a current market cap of $724billion and a 97.04 percent annual growth rate.
Tesla is expected to reach a $1trillion valuation next year (Image: GETTY)
The American telecommunications company Comcast, one of the world’s largest broadcasting businesses, is set to join the $1trillion club in 2023.
On course to join Comcast in the same year is the Chinese shopping platform Meituan, which literally translates to “beautiful group”.
In 2024, the renowned streaming service Netflix is expected to achieve a valuation of $1trillion.
The demand for home entertainment has only grown stronger since the start of the COVID-19 pandemic, and Netflix appear to have seized that opportunity.
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The current market cap of Netflix is $218billion, and its average annual growth rate is 74.16 percent.
Nvidia, the American technology company and Chinese beverage company Kweichow Moutai are also projected to hit $1trillion in 2024.
There are other household names further down the list that are expected to reach a trillion as well.
The Walt Disney Company projects to reach $1trillion by 2030, with Nike two years behind them.
Netflix is set to hit $1trillion in 2024 (Image: GETTY)
Headlining the list of companies already over the trillion landmark is Apple, which has a current market cap of an eye-watering $2.117trillion.
It is no surprise that giants Microsoft and Amazon also have gargantuan valuations, with market caps of $1.914trillion and $1.659trillion respectively.
Alphabet Inc., which is the parent company of the world-famous search engine Google, cracks the list as well, with a current market cap of $1.642trillion.
The Saudi Arabian oil company Saudi Aramco is also valued at over $1trillion, rounding out the list along with the latest addition, Facebook.
Here is the full list of companies expected to reach a $1trillion valuation in the next three years:
Tencent (China)- 2022
Tesla, Inc. (USA)- 2022
Comcast (USA)- 2023
Meituan (China)- 2023
Nvidia (USA)- 2024
Kweichow Moutai (China)- 2024
Netflix (USA)- 2024