The German company SAP has achieved a historic milestone by becoming the most valuable company in Europe, surpassing the Danish pharmaceutical giant Novo Nordisk in market capitalization.
According to financial data, SAP reached a market capitalization of $340 billion at the beginning of the week, driven by a 7% growth so far in 2025. Since 2022, SAP’s stock has skyrocketed by an impressive 160%, far outpacing the European STOXX 600 index, which has risen by 28% in the same period.
The key to this ascent has been SAP’s strong commitment to transformation through cloud technology and artificial intelligence (AI). Currently, over 27,000 customers are utilizing AI-powered use cases on their platforms, reflecting the massive adoption of advanced solutions.
SAP’s Chief Financial Officer, Dominik Asam, emphasized in 2024 that “the emergence of artificial intelligence has clearly accelerated the transition to the cloud.” This strategy has made SAP one of the main beneficiaries of the global growth in generative AI and business automation.
Sustained Growth in the Cloud and International Expansion
SAP has strengthened its position with the SAP Business Technology Platform (BTP), which integrates data management, analytics, and application development capabilities in the cloud, and is already used by more than 40,000 companies worldwide.
Additionally, the company has expanded its cloud solution offerings with SAP S/4HANA Cloud, a fully cloud-based version that continues to gain traction among large corporations and medium-sized enterprises. In its latest financial report, SAP reported a 23% year-over-year growth in cloud revenue, reaching €13.66 billion in 2024.
Strategic Alliance with Microsoft and Expansion of Generative AI
SAP has also strengthened its strategic alliances, with the most notable being its collaboration with Microsoft to integrate SAP BTP with Azure OpenAI Service. This integration enables companies to combine the power of generative AI with enterprise data management, facilitating intelligent automation in key areas such as finance, human resources, and logistics.
On another front, SAP has announced an investment of over €1 billion for the development of its own generative AI solutions and the acquisition of innovative startups in artificial intelligence and machine learning.
Record Revenue and Projections for 2025
In 2024, SAP recorded revenues of €32.9 billion, an increase of 11% compared to the previous year. The company expects to close 2025 with revenues exceeding €36 billion, driven by the expansion of its cloud solutions and the growing demand for automation and predictive analytics platforms.
SAP, a Leader in Corporate Sustainability
In addition to its technological leadership, SAP remains one of the companies most committed to sustainability. The company is part of the Dow Jones Sustainability Index and has set the ambitious goal of being completely carbon neutral across all its operations by 2030.
Competition and European Leadership
SAP’s rise to the top of the European stock market represents a shift in the technology sector, dethroning Novo Nordisk, which had reached leadership status in September 2023 due to the success of its obesity medication, Wegovy. However, the recent disappointing results from its new drug in development, Cagrisema, have negatively impacted its stock price.
Meanwhile, SAP continues to solidify its position as a key provider of business management software, with a presence in over 180 countries and clients including leading companies in sectors such as automotive, telecommunications, finance, retail, and the public sector.
The story of SAP, founded in 1972 in Walldorf, Germany, demonstrates how a traditional company has managed to transform itself into a global benchmark in cloud technology and artificial intelligence, maintaining a clear vision of continuous innovation.