Apple is about to become the world's first $3 trillion company

New York (CNN Business) Apple is on the verge of yet another major milestone. The iPhone maker is close to topping a market value of more than $3 trillion — the first publicly traded company ever to be worth that much.

Apple AAPL Shares ofwere up about 1% in premarket trading Monday to around $181.75. The stock needs to hit $182.85 for Apple to surpass the $3 trillion mark.

Apple shares are up more than 35% this year alone. The company has benefited from booming demand for its new IPhone 13 and other older models as well as subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store.

Sales surged nearly 30% to more than $83 billion in Apple's most recent quarter , which ended in September. The company has a whopping $191 billion in cash as well.