Saudi Aramco was the first company to reach a $2 trillion market capitalization, briefly doing so in December 2019.
The Saudi Arabian oil company began public trading on the Saudi Exchange in December 2019 after its initial public offering. On its second trading day, its shares rose enough for the company’s implied value to touch approximately $2 trillion during trading.
Saudi Aramco’s valuation was tied to its enormous oil reserves, production capacity, and strategic importance to Saudi Arabia. The company’s IPO was part of Vision 2030, a national program intended to diversify the Saudi economy and reduce dependence on oil revenues.
The figure is sometimes reported as a closing valuation, but the $2 trillion level was reached intraday and was not sustained at that exact value. The IPO’s final base deal raised about $25.6 billion, with the overall amount later reaching about $29.4 billion after an additional-allotment option.