Saudi Aramco was the first company to reach a $2 trillion valuation on a stock exchange outside the United States.
Saudi Aramco briefly reached about $2 trillion in market capitalization on the Saudi Stock Exchange in December 2019, shortly after its public listing. The company’s shares surged during their first trading sessions, helping it become the world’s most valuable listed company for a short period.
The valuation was especially notable because only a small portion of Saudi Aramco’s shares was offered to the public. The company remained overwhelmingly owned by the Saudi government. Its valuation reflected expectations about oil production, reserves, profitability, and the strategic importance of Saudi Arabia’s petroleum industry.
Apple had crossed $2 trillion earlier in 2020, but that occurred on a U.S. exchange. The exchange distinction matters: market capitalization is global in concept, while the listing venue identifies where the public shares are traded and priced.