Saudi Aramco became the first publicly traded company to exceed US$2 trillion in market value during its 2019 IPO.
Saudi Aramco, formally Saudi Arabian Oil Company, listed shares on the Saudi Exchange in December 2019. Its initial public offering was the largest in history at the time, and the company’s opening-day valuation briefly moved above US$2 trillion.
The company is Saudi Arabia’s national oil and gas producer and is among the world’s largest integrated energy companies. Its valuation is closely linked to oil prices, production capacity, reserves, refining, and investor expectations about long-term energy demand.
This record is often mixed up with Apple’s US$2 trillion milestone. Apple reached that level in 2020, whereas Saudi Aramco passed it earlier through its public listing. Both figures are market capitalizations, not estimates of all national oil reserves.