Apple briefly became the world’s most valuable public company in August 2020, overtaking Saudi Aramco.
Apple’s share price surged during the technology rally of 2020, lifting its market capitalization above Saudi Aramco’s publicly valued equity. The comparison used market capitalization, so it measured the value investors assigned to each company’s outstanding shares.
Saudi Aramco, Saudi Arabia’s state oil company, had become the first company to reach a reported $2 trillion valuation after its 2019 stock-market listing. Apple later passed that level as its own valuation climbed.
The ranking changed over time because market capitalization moves with share prices. It should not be confused with revenue rankings, profit rankings, or the value of privately held assets. Apple and Saudi Aramco also operate in very different industries, making direct operating comparisons difficult.