Saudi Aramco became the first company to reach a US$2 trillion valuation at any point during trading.
Saudi Aramco crossed the threshold briefly on its second day of trading, December 12, 2019. Its shares rose after the company’s initial public offering on the Saudi Stock Exchange, lifting its market capitalization to approximately US$2 trillion before the price later moved away from that level.
The company’s initial public offering had priced it at about US$1.7 trillion, making it the world’s largest IPO at the time. The offering sold a relatively small percentage of the company, with the Saudi government retaining the overwhelming majority of shares.
This record is distinct from Apple’s record as the first company to close a trading day above US$2 trillion. Saudi Aramco’s milestone refers to an intraday valuation, while Apple’s refers to a closing market capitalization. The distinction matters because share prices fluctuate throughout every trading session.