Saudi Aramco became the first company to exceed US$1 trillion in market value on the Saudi stock exchange after its 2019 IPO.
Saudi Aramco began trading on Tadawul in December 2019 after the Saudi government sold a minority stake. Its shares rose on the first trading days, taking the company's market capitalization above US$2 trillion briefly and far beyond the US$1 trillion level.
The listing was a central part of Saudi Arabia's plans to broaden investment and support Vision 2030. Only a small portion of the company was offered to public investors, so the market valuation applied to the entire company was inferred from the listed share price.
Saudi Aramco's valuation can be compared with technology companies, but its business is fundamentally different: it explores, produces, processes, and sells hydrocarbons and related products.