Saudi Aramco was the first company to exceed a $2 trillion market capitalization in intraday trading, doing so shortly after its December 2019 listing.
The company’s shares rose above the price needed to value the entire business at $2 trillion during the second day of trading on the Saudi Exchange. The market capitalization later moved below that level, showing why intraday records differ from closing-price records.
Saudi Aramco’s valuation was supported by its position as Saudi Arabia’s national oil company, its large hydrocarbon reserves, and its extensive production and refining operations. The IPO offered only a small portion of the company to public investors, while the Saudi government retained the dominant ownership stake.
The milestone is frequently compared with Apple’s $2 trillion achievement in 2020. Saudi Aramco reached the level first worldwide, while Apple became the first U.S. company to do so. The two statements are both accurate because they use different geographic scopes.