Saudi Aramco became the first company listed outside the United States to reach a $2 trillion market capitalization in 2019.
Saudi Aramco reached the valuation shortly after its initial public offering on the Saudi Stock Exchange in December 2019. The company’s shares rose after trading began, briefly valuing the oil producer at approximately $2 trillion.
The IPO was part of Saudi Arabia’s economic reform program known as Vision 2030. The government sold a portion of the company while retaining majority control. Saudi Aramco’s enormous valuation reflected its production scale, reserves, profitability, and central role in the global petroleum industry.
The company is sometimes called the world’s most valuable company, but rankings shift with share prices and exchange rates. It is also important to distinguish Saudi Aramco’s market capitalization from the estimated value of all Saudi oil reserves, which is a different measure.