Saudi Aramco was the first company to surpass a $2 trillion market capitalization without being primarily a technology company.
Saudi Aramco briefly exceeded a $2 trillion valuation in December 2019, shortly after its shares began trading on the Saudi Stock Exchange. The company’s enormous oil reserves, production capacity, and highly profitable energy operations made it one of the most valuable public companies in the world.
The milestone followed Saudi Arabia’s initial public offering of Aramco shares, which raised billions of dollars and made the company the largest listed company on the Saudi exchange. The government retained the overwhelming majority of its ownership.
The valuation was based on the market price of the publicly traded shares, not on a sale of the entire company. Market-cap estimates can also differ slightly depending on whether analysts include all share classes and how they convert the value into U.S. dollars.