There is only a handful of companies in the world that managed to top $500 billion in market value, and now Apple has joined the elite club. Apple’s market capitalization climbed past the $500 billion mark on Wednesday, or just a week before the iPad 3 is expected to debut.

So far, only Intel, Microsoft, Cisco, General Electric and ExxonMobil have accomplished this feat. Apple is therefore the sixth U..S company to reach this milestone, and perhaps the only one to actually be worth that much in the current market, where a company is worth only as much as its next product. Apple is the maker of iPods, iPhones and iPads, products which have set benchmarks in the personal media player, smartphone and tablet markets.

Apple’s recent report of whopping holiday season sales of iPhones and iPads has drawn the attention of many investors, especially after it raised hopes of a potential dividend. On Wednesday, the company’s shares climbed $7.03 – up 1.31 percent - to $542.44, while in the late-morning trading its market capitalization was about $506 billion.

Apple sent out email invitations to the media on Tuesday, making it official that the iPad 3 will be released on March 7, during a special media event in San Francisco. The launch was already expected to take place around this time, a year after the iPad 2 release, but confirmation always builds more confidence.

Apple has registered impressive sales and profits, growing at rates unprecedented for a company of this size. In addition, Apple’s shares are not expensive compared to the company’s earnings, despite its rocketing market capitalization. Apple is now worth 15 times its earnings for last year, and analysts expect it to stay on this track.