In our fifth annual comparison of market capitalizations, Clean Energy Leaders continued to show strong performance. For the first time in our tracking, Tesla’s market cap surpassed that of all five Oil Majors combined, after more than tripling from $406.7 billion in 2020 to $1.48 trillion in 2025. Two Chinese companies, CATL and BYD, exhibited similarly strong growth over the five-year cycle. CATL’s market cap rose from $70.7 billion to $256.3 billion (up 262.8%), surpassing that of BP, Shell, and Total. BYD grew 202.2% from $42.7 billion to $129.1 billion over the same time frame. Iberdrola exhibited more modest growth of 63.8% to $122.6 billion while NextEra expanded just 14.4% to a still strong market cap showing of $155.5 billion.

All five Oil Majors also experienced growth over the five-year period. BP and Total notched modest five-year growth of 50.1% and 43.7% to market caps of $88.5 and $129.4 billion, respectively. Shell grew 112.7% to $206.4 billion, while Chevron increased by 136.5% to $317.9 billion. ExxonMobil, the most valued oil major at $480.7 billion, exhibited the largest growth rate among its peers, up 231.2% from $145.1 billion in 2020 (but still trailing the growth rates of Tesla and CATL). These market cap and growth trends underscore investors’ shifting preference for companies driving electrification, storage, and renewable infrastructure. Tesla now tops the market cap league table, followed by Exxon, Chevron, CATL, and NextEra.