Bolstered by reports of record iPhone 5 sales, Apple shares surpassed $700 for the first time, passing the mark in after-hours trading Monday.
The Cupertino-based tech company's stock was hovering around $700 after flirting with the milestone throughout the day. The stock closed just 20 cents shy of the mark, driven by a company announcement earlier in the day that it had sold more than 2 million iPhone 5s on the first day of pre-orders.
Apple's market value is now just below $656 billion. Earlier this year, Apple broke Microsoft's 1999 record of $618.9 billion, becoming the most valuable company of all time, not accounting for inflation.
The iPhone has driven Apple's value since launching in 2007. The company's stock has grown nearly sixfold since then, and that's made Apple more valuable than the combined gross domestic product of Denmark, Finland and Hungary.