Only six firms had $200 billion valuations two decades ago, Jonah Lupton notes

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Olga Shendetskaya

23.04.2026

Only six firms had $200 billion valuations two decades ago, Jonah Lupton notes — Rapid growth in $200 billion market caps

Jonah Lupton reflects on the significant changes in global equity markets over the past 20 years. According to Lupton, just two decades ago there were only a handful of companies with market capitalizations above $200 billion. He cites Google data indicating only six such firms at that time, spread across energy, banking, technology, and industrial sectors.

Lupton adds that in 2006, few could have predicted that a single company would reach a valuation above $2 trillion twenty years later.

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Lupton has commented on shifting investor priorities in recent months. He recently highlighted CELH's $1.65 billion acquisition of Alani Nu, citing valuation details and annual sales figures. He also invited participants to a casual investor dinner event in Boston and NYC.

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