Saudi Aramco became the first publicly traded company to surpass a $2 trillion valuation in 2019.
Saudi Aramco reached the milestone shortly after its shares began trading on the Saudi Stock Exchange in December 2019. The company’s initial public offering was one of the largest in history, and the Saudi government retained a controlling ownership stake.
Saudi Aramco is Saudi Arabia’s national oil company. It manages extensive hydrocarbon resources and operates across exploration, production, refining, chemicals, and distribution. Its enormous reserves and profitability made the company unusually valuable when it entered public markets.
The $2 trillion figure was debated because market capitalization depends on the share price and the number of shares offered to investors. It also differs from enterprise value, which includes debt and subtracts cash. Saudi Aramco’s valuation later moved with oil prices, production expectations, and wider market conditions.