Saudi Aramco’s 2019 IPO briefly made it the first company to reach a $2 trillion market capitalization.
Saudi Aramco reached approximately $2 trillion in market value on December 12, 2019, its second day of trading on Tadawul. The company’s shares rose to the daily limit, pushing its valuation above the level targeted by Saudi Crown Prince Mohammed bin Salman.
The company had already raised about $29.4 billion in its initial public offering, the largest IPO on record at the time. Only a portion of Saudi Aramco’s shares was offered to the public, while the Saudi government retained control.
Apple later became the first company to sustain and widely establish a $2 trillion valuation in the U.S. market. This distinction explains why headlines about Saudi Aramco’s $2 trillion milestone can differ depending on whether they refer to a brief intraday value or a longer-lasting ranking.