Saudi Aramco reached a $2 trillion market capitalization in December 2019, shortly after its IPO.
On December 12, 2019, Saudi Aramco’s shares rose enough for the company’s market value to reach approximately $2 trillion. The company had begun trading on the Saudi Stock Exchange just two days earlier, after its landmark listing. Saudi Crown Prince Mohammed bin Salman had promoted a $2 trillion valuation target during the IPO process.
Saudi Aramco’s valuation reflected its enormous oil reserves, production scale, profitability, and strategic importance to Saudi Arabia. It is closely associated with the kingdom’s energy sector and remains majority-owned by the Saudi government.
The $2 trillion figure was reached briefly and depended on the share price at that time. It is separate from the $25.6 billion IPO proceeds, which measured the value of the small percentage of shares sold to investors rather than the value of the entire company.