Saudi Aramco became the world’s largest company by market capitalization after its 2019 stock-market listing.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after an initial public offering that raised about US$25.6 billion. Additional shares were later sold, making the offering one of the largest in financial-market history. Its opening valuation briefly approached US$2 trillion.
The company is Saudi Arabia’s national oil company and one of the world’s largest integrated energy businesses. It operates across oil and gas production, refining, chemicals, and related activities. Its enormous hydrocarbon reserves and production capacity help explain its exceptional valuation.
Saudi Aramco is not the same as a privately traded oil producer: its shares are publicly listed, but the Saudi government remains the dominant shareholder. Market-cap rankings can move as oil prices, interest rates, company earnings, and share prices change.