Mapped: The Most Valuable Company in Every U.S. State

Which Companies Lead Each U.S. State by Market Value?

Key Takeaways

• NVIDIA ($5.7 trillion), Microsoft ($3.9 trillion), SpaceX ($2.3 trillion), and Micron Technology ($1.2 trillion) are the four most valuable state leaders, accounting for 58% of the combined value of all 51 leaders.

• Just six state leaders are valued above $1 trillion, including Nebraska’s Berkshire Hathaway ($1.1 trillion) and Indiana’s Eli Lilly ($1.1 trillion).

• Industrial and materials companies lead the most states (15, or 16 including dual-classified SpaceX), followed by health care across nine states and Washington, D.C.

From California’s NVIDIA to Arkansas’ Walmart and Nebraska’s Berkshire Hathaway, America’s most valuable companies span a wide range of industries and states.

While a handful of technology giants dominate by valuation, the map reveals a broader corporate landscape, with industrial, health care, and financial companies leading across much of the country.

This graphic shows the most valuable company in all 50 U.S. states and Washington, D.C., using data from Stock Analysis as of October 7, 2026.

Companies are assigned to states by their principal executive offices in SEC filings and ranked by nominal equity market capitalization in U.S. dollars, including over-the-counter (OTC) stocks while excluding shell companies and pre-merger SPACs.

Every State’s Most Valuable Company by Market Cap

California and Washington occupy the top two positions, but several less obvious states also rank among the country’s corporate heavyweights. Idaho takes fourth place thanks to Micron Technology, while Nebraska and Indiana round out the trillion-dollar group with Berkshire Hathaway and Eli Lilly.

Together, these six companies represent the only state leaders valued above $1 trillion.

The table below ranks the most valuable company in each U.S. state and Washington, D.C., along with its market capitalization and sector:

RankState or DistrictCompanyMarket Cap ($B)Sector

1CaliforniaNVIDIA5,734.2Technology

2WashingtonMicrosoft3,933.8Technology

3TexasSpaceX2,274.8Technology / Industrial & Materials

4IdahoMicron Technology1,228.8Technology

5NebraskaBerkshire Hathaway1,084.0Finance

6IndianaEli Lilly1,059.6Health Care

7New YorkJPMorgan Chase876.1Finance

8ArkansasWalmart858.1Consumer

9New JerseyJohnson & Johnson622.8Health Care

10IllinoisAbbVie479.5Health Care

11FloridaPalantir466.5Technology

12North CarolinaBank of America374.3Finance

13GeorgiaCoca-Cola369.2Consumer

14OhioProcter & Gamble343.3Consumer

15MinnesotaUnitedHealth Group337.5Health Care

16ConnecticutPhilip Morris International300.3Consumer

17MassachusettsGE Vernova265.6Industrial & Materials

18DelawareMarvell Technology249.6Technology

19VirginiaRTX242.9Industrial & Materials

20ArizonaSouthern Copper169.3Industrial & Materials

21D.C.Danaher153.6Health Care

22ColoradoNewmont118.3Industrial & Materials

23MarylandLockheed Martin115.2Industrial & Materials

24Rhode IslandCVS Health112.5Health Care

25MichiganStryker105.6Health Care

26TennesseeHCA Healthcare95.1Health Care

27PennsylvaniaHowmet Aerospace88.8Industrial & Materials

28MissouriEmerson Electric88.8Industrial & Materials

29OklahomaWilliams87.4Energy & Utilities

30OregonNike51.0Consumer

31LouisianaEntergy49.1Energy & Utilities

32WisconsinRockwell Automation49.1Industrial & Materials

33IowaVylor48.7Industrial & Materials

34KentuckyHumana47.6Health Care

35MaineIDEXX Laboratories39.9Health Care

36New HampshireIron Mountain34.5Real Estate

37AlabamaVulcan Materials31.6Industrial & Materials

38South CarolinaSunbelt Rentals30.6Industrial & Materials

39UtahExtra Space Storage29.1Real Estate

40NevadaLas Vegas Sands23.2Consumer

41MontanaFICO14.7Technology

42MississippiEastGroup Properties10.2Real Estate

43HawaiiMatson6.7Industrial & Materials

44New MexicoTXNM Energy6.4Energy & Utilities

45North DakotaEverus Construction Group6.4Industrial & Materials

46West VirginiaUnited Bankshares6.2Finance

47South DakotaBlack Hills5.8Energy & Utilities

48VermontCasella Waste Systems5.3Industrial & Materials

49KansasSeaboard3.9Industrial & Materials

50AlaskaFirst National Bank Alaska1.0Finance

51WyomingUniversal Token0.2Technology

Figures rounded. Market caps as of Oct. 7, 2026, except Universal Token (Oct. 6). Shell companies and pre-merger SPACs excluded.

The geographic distribution tells a different story from the valuation ranking. Industrial and materials businesses have a strong presence across the country, while major health care companies anchor states such as New Jersey, Illinois, Indiana, and Minnesota.

Financial companies also feature prominently, from JPMorgan Chase in New York to Bank of America in North Carolina and Berkshire Hathaway in Nebraska.

America’s sector mix contrasts sharply with Europe’s largest companies, where financial and energy firms lead 28 of 42 national markets and technology claims just one (ASML at $670.3 billion).

Tech Giants Tower Over Other State Leaders

The scale of America’s largest technology companies becomes even more striking when compared with the rest of the country.

NVIDIA, Microsoft, and SpaceX have a combined valuation of $11.94 trillion, exceeding the $10.79 trillion combined value of the other 48 state and D.C. leaders.

Adding Idaho’s Micron Technology brings the top four to $13.2 trillion, accounting for roughly 58% of the $22.7 trillion combined value of all 51 leaders.

NVIDIA remains an outlier, worth 46% more than runner-up Microsoft. Surging investment in artificial intelligence infrastructure has propelled NVIDIA, whose data center revenue more than doubled year over year in Q2 FY2027, as well as Idaho-based memory chipmaker Micron.

Beyond the top four, technology companies also lead Florida (Palantir at $466.5 billion), Delaware (Marvell Technology at $249.6 billion, based on its Wilmington principal executive offices), Montana (FICO at $14.7 billion), and Wyoming (Universal Token at $193 million).

Learn More on the Voronoi App

If you enjoyed today’s post, check out America’s Top 10 Biggest Semiconductor Firms on Voronoi.