Saudi Aramco became the first company outside the United States to reach a $2 trillion valuation in 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, Tadawul, in December 2019. On the second day of trading, the company’s market capitalization briefly reached about $2 trillion, making it the world’s most valuable listed company at that moment.
The valuation was based on the share price multiplied by the company’s total outstanding shares. Only a relatively small portion of Saudi Aramco was offered to public investors, while the Saudi government retained most of the company. This distinction often causes confusion between market capitalization and the size of an initial public offering.
Saudi Aramco is Saudi Arabia’s national oil company. Its operations span oil and gas exploration, production, refining, chemicals, and energy-related businesses.