Saudi Aramco became the first company to reach a $2 trillion market value when its shares listed in 2019.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after an initial public offering. Its share price rose enough on the second trading day to give the company an implied market capitalization of about $2 trillion, a valuation promoted by Saudi Arabia’s government.
The company is the national oil company of Saudi Arabia and is one of the world’s largest producers of crude oil. Its enormous reserves, production scale, and expected dividend payments shaped investor interest in the listing.
Market capitalization can change daily with the share price. The $2 trillion figure therefore described the company’s listed equity value at that moment, rather than a permanent cash valuation.