Saudi Aramco was the first publicly traded company headquartered outside the United States to reach a $2 trillion market capitalization.
Saudi Aramco reached roughly $2 trillion in December 2019, shortly after its shares began trading on the Saudi Stock Exchange, known as Tadawul. The valuation was supported by the company’s enormous oil reserves and its central role in Saudi Arabia’s economy.
The company’s initial public offering was conducted in Riyadh and became one of the largest IPOs ever by proceeds. Saudi Aramco later became one of the world’s most valuable listed companies, competing with U.S. technology giants in market-cap rankings.
The milestone is not the same as being the largest company by revenue or oil production. Market capitalization measures what investors collectively value the listed equity at, and that value changes with the share price.