The largest named number that is commonly known is a googolplex. A googol is 10^100 (a one with 100 zeros after it) and a googolplex is 10^googol.
Under the traditional naming system of million, billion, trillion, the largest named number is Centillion, which is 10^303 (a one with 303 zeros after it). The largest denomination banknote ever printed was for 1 sextillion (10^21).
In science, some large numbers used are Avogadro's number (6.022 x 10^23), which defines the number of molecules in a mole; Graham's number (unimaginably large), which is the upper bound of connections between vertices of hypercubes.
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There is no highest number
There is no highest number, highest prime number, or highest composite number. Therefore, there can't be a second-highest, third-highest, etc., of any of these types of numbers, either.
There is an infinite number of possibilities to the highest number.
There is no highest square number. If there was such a number then that number squared would be a higher square number!
The highest factor of any number is the number itself.