Saudi Aramco became the first publicly traded company outside the United States to reach a $2 trillion market value.
Saudi Aramco reached an implied valuation of about $2 trillion shortly after its December 2019 listing on Saudi Arabia’s Tadawul exchange. The company’s shares rose on the first two trading sessions, briefly making it the largest listed company globally.
Its public listing represented only a minority portion of the company. The Saudi government remained the controlling shareholder, while public investors gained exposure to the world’s largest integrated oil and gas businesses.
The company’s market value is often compared with Apple, Microsoft, and other technology giants, but the underlying businesses differ sharply. Saudi Aramco’s results depend heavily on crude-oil prices, production levels, refining, chemicals, and dividend policy, whereas technology companies typically derive value from software, devices, advertising, or cloud services.