FREMONT (CBS SF / CNN) — Elon Musk’s Bay Area-based electric car business exceeds the value of almost every company in the S&P 500, including some iconic American companies.

Shares of Tesla were up 4% in midday trading Wednesday to a new record high of above $1,120 a share. At that price, Tesla’s market cap is nearly $210 billion.

READ MORE: Long Lines Form Outside San Mateo Event Center COVID-19 Vaccination Site

That makes Tesla the most valuable auto company on the planet, ahead of Toyota. Tesla has also passed the market caps of Dow components Coca-Cola, Disney, Cisco, Merck and Exxon Mobil.

Now there are only 19 companies in the S&P 500 worth more than Tesla. One of them is CNN owner AT&T. Tesla is also worth more than PayPal — a company that was formed from the merger of another payments company co-founded by Musk.

Tesla isn’t consistently profitable enough to join the S&P 500. But it may be closing in on that milestone.

READ MORE: Late Rally Fizzles, Warriors Fall to Spurs 112-107

Optimism about electric vehicles isn’t limited to Tesla.

Shares of electric truck maker Nikola have soared since the company went public in June through a merger with an existing publicly traded blank check company. Nikola is now worth nearly $25 billion, more than Ford.

And the stock of electric battery maker Workhorse, which has a stake in private startup Lordstown Motors, has more doubled in just the past week.

MORE NEWS: King Tide Flooding on SF Waterfront Foreshadows Future Climate Change Norm

© Copyright 2020 CNN. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.