Move over Microsoft. Amazon is now the biggest company in the state of Washington -- and third largest in America.

Amazon's market value soared above $685 billion, making the Jeff Bezos-led giant worth more than Microsoft for the first time ever. Microsoft's market value currently stands at $684 billion.

Amazon (AMZN) now trails only Apple (AAPL), which has a market cap of about $815 billion, and Google owner Alphabet (GOOGL), valued at $750 billion.

These tech giants are all in a race to the magical trillion dollar level, a height that no U.S. company has topped as of yet.

But Amazon clearly has the most momentum. Its stock has soared nearly 21% this year, well ahead of the gains of Alphabet and Microsoft. Apple's stock has fallen year-to-date.

Bezos has already passed Microsoft (MSFT) co-founder Bill Gates as the wealthiest person on the planet back in October, according to Forbes and Bloomberg. Bezos is now worth $116 billion, nearly $25 billion more than Gates.

Berkshire Hathaway (BRKB) CEO Warren Buffett and Facebook's (FB) Mark Zuckerberg rank third and fourth in the world's richest rankings.