2 non-tech stocks to hit $1 trillion market cap in 2026

For much of the past decade, trillion-dollar market capitalizations have been dominated by technology giants, driven by platform economics, artificial intelligence (AI), and cloud computing.

As 2026 unfolds, however, the next companies to cross the $1 trillion threshold may come from outside the tech sector. This move points to a shift in capital toward firms with pricing power, resilient demand, and durable growth drivers. Below are two names that stand out as credible contenders.

Eli Lilly (NYSE: LLY)

Eli Lilly (NYSE: LLY) is already within close range of the milestone. As of January 10, 2026, the pharmaceutical giant is valued at approximately $953.4 billion, with shares trading near $1,064. Reaching a $1 trillion market cap would require an additional $46.6 billion in value, a relatively modest move for a company of its size.

The case for further upside is anchored in sustained momentum from its obesity and diabetes franchise, which continues to drive rapid revenue growth and lift long-term earnings expectations. 

Notably, demand for its GLP-1 therapies remains strong across major markets, supported by broader insurance coverage and increased physician adoption.

Investor confidence has also been bolstered by progress toward oral obesity treatments, which could significantly expand the addressable market by offering an alternative to injections. 

At the same time, Lilly has worked to diversify beyond a single therapeutic category, advancing late-stage candidates and acquisitions in immunology, oncology, and Alzheimer’s disease.

Walmart (NASDAQ: WMT) 

On the other hand, Walmart offers a different path to the same destination. The world’s largest retailer is currently valued at roughly $913.1 billion, with shares trading near $114.53. 

That leaves a gap of about $86.9 billion to reach a $1 trillion market capitalization, a larger climb than Lilly’s but still achievable within a year under supportive conditions.

Walmart’s (NASDAQ: WMT)  appeal lies in its blend of defensive stability and emerging growth engines. Amid ongoing economic uncertainty, the company continues to draw steady consumer traffic as households prioritize value and essentials.

This has been complemented by growth in higher-margin businesses, including e-commerce, advertising, logistics services, and digital healthcare initiatives that extend Walmart’s ecosystem beyond traditional retail.

At the same time, its inclusion in major equity indices has also increased structural demand from passive and institutional investors, providing an additional tailwind. 

As management maintains margin discipline while scaling newer revenue streams, investors are increasingly viewing Walmart not simply as a low-growth retailer, but as a diversified consumer platform with durable cash flows.

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