Saudi Aramco became the first non-American listed company to exceed a US$2 trillion market capitalization.
Saudi Aramco briefly passed the threshold in December 2019, shortly after its shares began trading on the Saudi Stock Exchange, known as Tadawul. Its initial public offering was one of the largest in history and raised about US$25.6 billion before an overallotment option increased the total.
The company is Saudi Arabia’s state-controlled oil producer and is formally known as Saudi Arabian Oil Company. Its valuation reflects enormous hydrocarbon reserves, high production capacity, and the strategic importance of oil to global energy markets.
The valuation was based on traded shares, not on the value of every barrel of oil underground. Apple had crossed US$2 trillion earlier, so Saudi Aramco’s milestone was specifically notable because it was the first company outside the United States to do so.