Saudi Aramco was the first publicly traded business outside the United States to exceed a $2 trillion market capitalization.
Saudi Aramco briefly surpassed the $2 trillion valuation mark during trading on the Saudi Stock Exchange in December 2019, shortly after its initial public offering. The company’s enormous oil reserves and production capacity supported its unusually high valuation.
The milestone was controversial because analysts used different assumptions about oil prices, future production, and the company’s long-term earnings. Market capitalization is determined by the traded share price, so the figure can change quickly as investors revise expectations.
Saudi Aramco’s listing made it one of the most valuable companies in the world. Its shares were offered locally rather than through a simultaneous global listing, and the company remains closely connected to Saudi Arabia’s energy policy and public finances.