Alibaba is on track to become the world’s leading e-commerce company.

Chairman Jack Ma says that Alibaba’s sales this year will surpass the United States’ entire e-commerce sales.

He adds that by 2015, Alibaba will become the world’s biggest retail company, taking the reign from Walmart.

Last year alone, Alibaba’s marketplaces Taobao Mall and Taobao Marketplace recorded a total transactions worth $163 billion.

Starting as business-to-business e-commerce company in 1999, Alibaba now has become an empire to include finance, logistics, cloud computing and retail.

Alibaba and China Telecom recently formed a partnership focused on telecom infrastructure, mobile Internet, cloud computing and datacenter fields.

The e-commerce giant is reportedly seeking to raise more than $15 billion through an initial public offering in Hong Kong by the end of the year, but, CEO Jonathan Lu is staying mum about the plans.