Saudi Aramco became the first company to reach a US$1 trillion market value through an initial public offering in December 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, or Tadawul, on December 11, 2019. The offering raised about US$25.6 billion, making it the largest initial public offering at the time. A rise on the second trading day pushed the company’s implied market value above US$2 trillion, although later market prices moved below that level.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, and distribution.
The company is often confused with Apple’s 2018 milestone. Apple was the first publicly traded company to reach US$1 trillion in market capitalization, while Saudi Aramco set a record for the largest IPO and briefly achieved a much higher implied valuation after listing.