While U.S. tech giants reach eye-watering $5 trillion valuations, Europe still lacks a single company in the trillion-dollar club. Dutch semiconductor firm ASML, based in Veldhoven, appears to be the frontrunner to achieve this milestone first, according to research released by PitchBook on Friday. ASML’s market capitalization reached $257.9 billion in 2025, representing a 2.6x increase in 17 months, and the company could join the trillion-dollar club between 2028 and 2031. The main obstacles for European companies include capital markets fragmentation, restrictive regulation and a sectoral weighting toward healthcare, consumer goods and energy rather than technology.
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