Saudi Aramco briefly became the world’s largest company by market capitalization in 2019 after its stock-market debut.
Saudi Aramco shares began trading on the Saudi Exchange on December 11, 2019. The company’s initial public offering valued it at about $1.7 trillion, and its share price rose during early trading, briefly taking its market capitalization to approximately $2 trillion.
The listing was part of Saudi Arabia’s effort to broaden its economy and support Vision 2030. Although only a small portion of the company was offered to public investors, the listing created a market price for the shares and supplied a basis for calculating the company’s overall valuation.
The record was temporary because market leadership changes as stock prices move. Saudi Aramco’s position also reflected oil-market expectations, making it different from technology companies whose valuations depend more heavily on software, advertising, or devices.