Saudi Aramco became the second publicly traded company to reach a $2 trillion valuation in 2022.
Saudi Aramco briefly reached approximately $2 trillion in market capitalization in May 2022, during a period of elevated oil prices. Apple had been the first publicly traded company to reach that level, in 2020. Aramco’s share price and valuation were strongly influenced by the global energy market.
Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest integrated energy companies. It produces crude oil, operates refineries, markets fuels and chemicals, and has historically reported enormous reserves and production capacity.
The company listed a portion of its shares on the Saudi Stock Exchange in December 2019. Its initial public offering was the largest ever at the time by funds raised, but its market capitalization milestone is a separate fact from the size of that offering.