Saudi Aramco became the first nontechnology company to reach a $2 trillion market capitalization.
Saudi Aramco briefly reached a valuation of about $2 trillion on December 11, 2019, the second day of trading after its initial public offering on the Saudi Stock Exchange. The company’s shares rose after listing, pushing its total equity value to the milestone.
Saudi Aramco is Saudi Arabia’s national oil company and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, and distribution. Because its value is closely connected to oil prices and production expectations, its market capitalization can change substantially.
The $2 trillion figure was a market valuation, not the company’s annual revenue or the value of its physical reserves. Saudi Aramco’s public listing also made it one of the largest initial public offerings in history.