The Silicon Valley firm is more than $160 billion ahead of its closest rival, Google parent company Alphabet Inc. (NASDAQ: Alphabet Class A [GOOGL]), in terms of market cap and is also one of the largest companies in the world by revenue.
The iconic iPhone has driven the surge in the company’s fortunes in the decade since its release, with the device accounting for almost 70 percent of Apple’s sales.
And the next version of the iPhone could what drives Apple to the magical trillion dollar milestone, with analysts expecting the smartphone to be another commercial success.
Since Apple released its latest earnings report on January 31, 25 market watchers have raised their price target on Apple shares, already above $139.
Proposed tax changes by US President Donald Trump could also help the tech firm.
The president has put forward a proposal to make it easier for US companies to bring home overseas cash reserves.
"Some people say there are $2 trillion dollars overseas, I think it's $5 trillion," he said on the campaign trail."By taxing it at 10 percent instead of 35 percent, all of this money will come back into our country."
If such a plan ever comes to fruition Apple could use its $230 billion in cash outside the US to buy back shares, acquire other companies and invest in research and development.
But even if the plan to repatriate US cash remains nothing more than a thought bubble the future appears bright for Apple.