The rumored iPhone 5 release date is getting closer, and as investors anticipate the device’s launch, Apple’s stock continues to soar. Now, the company has even managed to become the most valuable company in the history of companies.

Apple’s market value hit an astounding $622 billion today, surpassing the previous record of $618.9 billion set by Microsoft in 1999, according to CNN Money.

As of the time of this writing, Apple shares are at $664 (+15.89‎ , 2.45%‎).

Forbes suggests that the “iPhone 5 Frenzy” could even take Apple to $721, based on the Adam Theory of Markets. That would value Apple at somewhere around $675 billion.

Apple is expected to unveil the next iPhone on September 12, with an actual release coming the third or fourth week of September.

Read about the latest iPhone 5 rumors here.