Saudi Aramco became the first company to pass a $2 trillion market value during its 2019 initial public offering.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. On the second day of trading, the company’s valuation briefly rose above $2 trillion, based on the offering price and subsequent share-price increase. The company had sold 1.5 percent of its shares to investors.
The IPO was part of Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the country’s economy beyond oil. Saudi Aramco remained closely associated with Saudi Arabia’s petroleum industry and is one of the world’s largest integrated energy companies.
Apple later became the first company to hold a $2 trillion valuation more consistently in global stock-market comparisons. Market-cap rankings can differ depending on currency conversion, trading venue, and whether a brief intraday peak is counted.