Saudi Aramco briefly became the first company outside the United States to exceed a US$2 trillion market capitalization in December 2019.
The Saudi Arabian oil company began trading on the Saudi Exchange, known as Tadawul, on December 11, 2019, after its initial public offering. Its shares rose sharply during the first days of trading, taking the company’s implied value above US$2 trillion on December 12.
The valuation was based on the company’s listed shares and the share price, rather than on a direct sale of the entire business. Saudi Aramco’s offering was designed to support Saudi Arabia’s economic diversification plans under Vision 2030.
Apple had crossed US$2 trillion earlier in 2020, while Saudi Aramco’s milestone came before that date but was the first for a company headquartered outside the United States. Market values can move below and above a round-number threshold as prices fluctuate.