Saudi Aramco was the first publicly listed business to reach a $2 trillion market capitalization.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, reached the milestone shortly after its December 2019 initial public offering on the Saudi Stock Exchange. Its enormous valuation reflected the scale of its oil reserves, production capacity, and profitability.
Saudi Aramco’s shares began trading in Riyadh in December 2019. The company’s valuation briefly reached about $2 trillion during its second day of trading, although market prices later moved below that level.
This milestone is distinct from the first $1 trillion milestone, achieved by Apple in 2018. Market capitalization changes with share prices, so rankings of the world’s richest companies can shift daily rather than remaining permanent.