Saudi Aramco was the first publicly traded business outside the United States to reach a US$2 trillion market capitalization.
Saudi Aramco reached approximately US$2 trillion in market value on May 11, 2022, after its shares rose on the Saudi Stock Exchange. The milestone made it the second listed company ever to reach that level after Apple, although rankings changed as energy and technology shares moved.
Saudi Aramco’s valuation is closely linked to oil prices, production expectations, refining operations, and investor views of the global energy transition. Because the Saudi government owns most of the company, only a relatively small portion of its shares trades publicly.
A frequent confusion is treating the company as the largest oil producer in every measure. Production rankings depend on whether crude oil, total liquids, or reserves are counted. Its market cap, meanwhile, is simply the value assigned by investors to its listed equity.