Saudi Aramco became the first company listed on a stock exchange to reach a US$2 trillion valuation in 2019.
The Saudi Arabian Oil Company began trading on the Saudi Stock Exchange, Tadawul, in December 2019. Its initial public offering was the world’s largest IPO at the time, raising about US$25.6 billion before an additional share sale increased the total.
Saudi Aramco’s valuation briefly reached approximately US$2 trillion during its early trading period. The company’s enormous value reflects Saudi Arabia’s extensive oil reserves, high production capacity, and central role in the global petroleum industry.
The company is not the same as Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. Aramco is an operating energy company, while the fund owns stakes in many businesses and helped support the IPO process.