Apple has been valued at more than $1tn – almost three times as much as Google, the US's second most valuable company.

Analysts at Cantor Fitzgerald on Monday said they thought Apple's shares – which are currently trading at about $127, valuing the company at $733bn – could soon be worth $180 each, which would value the iPhone maker at $1.05tn.

It is the first time any company has ever been valued at more than $1tn, and would make Apple more valuable than the gross domestic product (GDP) of Indonesia, the Netherlands or Saudi Arabia, according to World Bank statistics. It would also mean Apple would be worth 2.6 times as much as Google, the second most valuable company in the US, with a market valuation of $383bn.

Cantor Fitzgerald analyst Brian White said he thought Apple was worth that much because of its continued strong performance in China, where sales are increasing by 70% year-on-year, and the introduction of the Apple Watch, its first new type of product in five years.