Saudi Aramco was the first publicly traded company outside the United States to reach a US$2 trillion market capitalization in 2021.
The Saudi energy company briefly reached the valuation in October 2021 as its share price rose during a period of stronger oil prices and investor interest in energy producers. Aramco had already made history with its 2019 public offering, which was the largest initial public offering at that time.
Saudi Aramco’s core business is producing and selling hydrocarbons, but it also operates refining, chemicals, shipping, and distribution businesses. Its valuation is influenced by oil prices, production expectations, government policy, and the company’s dividend commitments.
The distinction “outside the United States” is important. Apple and Microsoft had already reached US$2 trillion, while Aramco’s milestone showed that a non-US energy producer could join the very top tier of global listed companies.