Saudi Aramco became the first publicly traded company to exceed a $2 trillion valuation during its 2019 IPO.
On the second day of trading, December 12, 2019, Saudi Aramco shares rose enough to give the company a market capitalization above $2 trillion. The milestone was based on the listed company’s share price multiplied by all of its shares, including shares held by the Saudi government.
Saudi Aramco’s public offering was unusual because only a small portion of the company was floated. The Saudi government retained overwhelming ownership, while the listing allowed domestic and international investors to buy a stake through Tadawul. The share sale raised tens of billions of dollars and became the largest IPO on record at the time.
Apple later became the first company to reach $2 trillion in a broader sustained market-cap milestone in August 2020. Reports may differ because some compare intraday peaks and others compare closing prices.