Saudi Aramco briefly became the world’s most valuable public company during its 2019 IPO.
When Saudi Aramco shares began trading in Riyadh on December 11, 2019, the stock rose by the exchange’s maximum daily limit. That move valued the company at about $1.88 trillion, temporarily putting it ahead of Apple by market capitalization.
The listing was part of Saudi Arabia’s plans to diversify its economy and raise capital through the public offering of a minority stake in the state-owned oil giant. Although only a fraction of the company was sold, the IPO gave outside investors a direct way to own Aramco shares.
The ranking changed as share prices moved. Market-cap leadership is not permanent: it depends on both a company’s share price and the number of shares outstanding. Aramco’s valuation also reflects its role as one of the world’s largest integrated energy companies, rather than simply the price of crude oil.