Tesla shares have surged to a historic high.

 Elon Musk's electric-vehicle startup is one step closer to a $1 trillion market capitalization.

Tesla Inc. shares soared to a record high on Friday, bringing the electric-vehicle manufacturer one step closer to joining an exclusive club of corporations with market valuations of at least $1 trillion.

In New York, the stock rose as much as 1.8 percent to a high of $910 before ending at $909.68. As a result, Elon Musk's Tesla momentarily surpassed Facebook Inc's valuation.

The pioneering electric-vehicle manufacturer is up 29 percent this year, outperforming the S&P 500 Index's 21 percent gain. Meanwhile, Facebook was struck hard on Friday as Snapchat parent Snap Inc. issued a pessimistic outlook, weighing on the shares of ad-dependent internet companies. Facebook fell as much as 6.1 percent.

Following some wild swings in the first half of this year, Tesla shares have been steadily rising since early June, aided by two sets of solid quarterly results that show the business is faring fair better than traditional automakers in dealing with the semiconductor shortage. Deliveries and margins for the third quarter, in particular, exceeded all expectations, while margins for the time impressed both bulls and bears on Wall Street.