Saudi Aramco became the first energy company to reach about a $2 trillion valuation after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019. Its initial public offering was the largest in history at the time, raising billions of dollars and giving public investors access to a portion of the state-owned oil producer.
The company’s share price briefly pushed its market capitalization to approximately $2 trillion during its early trading sessions. The valuation was closely watched because Saudi Aramco is one of the world’s largest oil producers and owns extensive petroleum reserves and refining operations.
The phrase “about $2 trillion” is important because market capitalization changes continuously and the company’s valuation later moved below that level. Market value should not be confused with the value of all Saudi Arabian government assets.