Amazon Overtakes Walmart as America’s Biggest Company

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For more than a decade, Walmart sat atop the Forbes 500 ranking. Now, that streak is over.

Amazon’s rise to the No. 1 spot reflects a broader shift in the American economy, where e-commerce, cloud computing, and digital services have become increasingly dominant drivers of corporate growth. The company is now just the fourth business to lead the Forbes 500 in the ranking’s 72-year history.

The visualization above ranks the 50 largest U.S. companies by revenue using data from the 2026 Forbes 500 list, via 50 Pros. Alongside Amazon’s ascent, the ranking highlights the enormous scale of healthcare, technology, energy, and financial firms across corporate America.

Amazon Ends Walmart’s 13-Year Run

In 2026, Amazon displaced Walmart as the world’s largest company by revenue, ending Walmart’s 13-year reign at the top.

This shift follows a decade in which Amazon’s revenue surged alongside the growth of e-commerce and online shopping. The company’s strategic investments also expanded over this period, including its $13.7 billion acquisition of grocery retailer Whole Foods in 2017.

This data table lists American companies based on total revenue in their most recent fiscal year.

The COVID-19 pandemic also affected the retail race between Amazon and Walmart. Lockdowns and isolation pushed many consumers toward online shopping at a scale not seen before, helping Amazon’s revenue jump by more than a third between 2019 and 2020.

Amazon’s displacement of Walmart makes the 1994-founded online retailer just the fourth company to top the Forbes 500 in the list’s 72-year history. Prior to Walmart, General Motors and ExxonMobil held the title. In 2025, GM’s revenue reached $185 billion, while ExxonMobil led the American oil industry at $332 billion.

Healthcare: Soaring Revenues

Healthcare companies generate over $2.7 trillion in combined revenue across America’s 50 largest companies, led by UnitedHealthcare at $448 billion.

Nearly one out of every five dollars in the U.S. economy is spent in the healthcare sector, which is reflected in the massive revenues of companies like CVS Health ($402 billion), Cigna ($275 billion), and Johnson & Johnson ($94 billion).

Technological advancements and an aging U.S. population have driven growth in the sector, with firms like UnitedHealthcare and Cigna each posting over 10% year-over-year revenue growth.

America’s Core Sectors

The technology sector generated over $1.6 trillion in revenue from just its six top firms, with Apple ($416 billion) and Google parent company Alphabet ($403 billion) leading the way.

Meanwhile, Berkshire Hathaway ($371 billion) posted the highest revenue among financial firms, followed by JPMorgan Chase ($182 billion) and government-sponsored enterprise Fannie Mae ($153 billion).

Notably, the only consumer goods company to break into America’s top 50 firms by revenue is PepsiCo, which generated $94 billion in revenue in the 2025 fiscal year. This puts the food and beverage company ahead of industrial and logistics giants like Boeing ($90 billion) and United Parcel Service ($89 billion).

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If you enjoyed today’s post, check out Amazon’s Profit Hits New Highs as Cost Cutting Bears Fruit on Voronoi, the new app from Visual Capitalist.

Ranked: SpaceX vs. The Largest Public Space Companies

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The space industry has never seen a company this dominant.

Following its Nasdaq debut, SpaceX reached a market capitalization of $2.46 trillion. That makes it worth roughly 10.5 times more than the next 20 largest publicly traded pure-play space companies combined.

This graphic compares SpaceX against every public space company worth at least $1 billion, illustrating just how much the industry’s center of gravity has shifted toward a single firm.

The data comes from CompaniesMarketCap and reflects market capitalizations as of June 15, 2026. Diversified aerospace and defense companies such as Boeing and Lockheed Martin are excluded.

SpaceX Dwarfs the Entire Public Space Industry

The gap between SpaceX and the rest of the industry is difficult to overstate.

At $2.46 trillion, SpaceX is worth more than the next 20 largest public pure-play space companies combined by roughly $2.2 trillion. Put differently, investors value SpaceX at more than 10 times the rest of the listed space sector.

The data table below shows the largest public pure-play companies in the space industry with a market capitalization over $1 billion:

Outside of SpaceX, the industry’s scale drops dramatically. Rocket Lab is the second-largest pure-play space company at $68.6 billion, meaning SpaceX is worth nearly 36 Rocket Labs. AST SpaceMobile and EchoStar follow at roughly $34 billion each, highlighting how concentrated investor value has become in a single company.

The roster spans the full space economy: satellite communications, rocket launch, Earth observation, and lunar and in-orbit services.

It is also overwhelmingly American, with U.S. firms claiming most of the top 20 and the rest split among China, Japan, Canada, and Europe.

The Largest IPO in History and a New Trillionaire

SpaceX’s dominance reflects what no rival can match: a reusable rocket fleet that flies more orbital missions than any other operator, paired with Starlink, the largest satellite-internet constellation in operation. The result is a single company that towers over a sector otherwise filled with specialized, single-digit-billion-dollar players.

SpaceX’s debut wasn’t just big for the space sector: it was the largest IPO ever recorded. The company priced its shares at $135 on June 12, raising roughly $75 billion and eclipsing Saudi Aramco’s $25.6 billion record from 2019. That initial price valued SpaceX at about $1.77 trillion; three days later, the stock was trading near $178, lifting its market cap to $2.46 trillion.

The listing also crystallized a milestone of its own. By revaluing Elon Musk’s roughly 42% SpaceX stake on the open market, it pushed his net worth past $1 trillion and made him the world’s first trillionaire.

SpaceX’s Valuation Bakes In Big Expectations

SpaceX’s price tag assumes enormous future growth. At $2.46 trillion, the company trades at roughly 130 times its 2025 revenue of $18.7 billion, a year in which it posted a $4.9 billion net loss.

The engine behind that optimism is Starlink. The satellite-internet business generated 61% of SpaceX’s 2025 revenue and earned a $4.4 billion operating profit, even as the company overall ran a $2.6 billion operating loss.

For now, investors are betting that Starlink’s growth and SpaceX’s launch dominance will eventually justify a valuation larger than most of the world’s biggest companies.

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To learn more about SpaceX, check out this visualization on its growing number of rocket launches on Voronoi.