Saudi Aramco became the first company to reach a US$2 trillion market capitalization in 2019, before Apple.
Saudi Aramco reached an implied valuation of about US$2 trillion shortly after its Tadawul debut in December 2019. Its shares rose on the second day of trading, producing the record market value. Apple later became the first company commonly described as reaching US$2 trillion during regular U.S. market trading in August 2020.
The distinction matters because different reports use different definitions of “reached.” Saudi Aramco’s figure was calculated from its listed share price and the total number of company shares, including those still owned by the Saudi state. The company’s valuation reflected its position as one of the world’s largest oil producers, while oil prices and investor expectations remained important influences on its stock.