Saudi Aramco became the first company valued above $1 trillion after its 2019 initial public offering.
Saudi Aramco began trading on the Tadawul exchange on December 11, 2019, after pricing its IPO at 32 Saudi riyals per share. The stock rose by the daily limit on its first two trading sessions and pushed the company’s market capitalization above $2 trillion, far beyond the $1 trillion threshold.
The offering sold about 1.5% of the company to investors, while the Saudi government retained overwhelming control. The IPO was part of Vision 2030, a national strategy intended to diversify Saudi Arabia’s economy beyond oil.
This milestone differs from PetroChina’s 2007 event because the question concerns a company’s valuation following an IPO. It also differs from Apple’s record because Apple was the first U.S. company, not the first company globally, to reach $1 trillion.