Saudi Aramco became the first publicly traded company to reach a $2 trillion valuation in December 2019.
The state-owned Saudi Arabian Oil Company began trading on the Saudi Stock Exchange in December 2019 after its initial public offering. On its second trading day, its share price rose enough for the company’s market value to reach approximately $2 trillion.
The milestone was significant because Saudi Aramco is one of the world’s largest oil producers and owns enormous petroleum reserves. Its valuation was influenced by oil prices, production expectations, dividend policy, and the limited portion of the company initially offered to public investors.
This event is sometimes confused with Apple’s later $2 trillion milestone. Saudi Aramco reached the level first on an intraday basis, while Apple became the first U.S. company to reach it and later closed above the level.