Saudi Aramco briefly became the first non-American firm valued at $2 trillion.
The Saudi Arabian oil company reached that approximate market capitalization in December 2019, shortly after its shares began trading on the Saudi Stock Exchange. The initial public offering was one of the most closely watched listings in financial history and raised about $25.6 billion, making it the largest IPO at the time.
Saudi Aramco’s valuation was supported by its enormous oil reserves, high production capacity, and central role in Saudi Arabia’s economy. It is the main operating company of Saudi Arabia’s petroleum industry and has historically ranked among the world’s most profitable businesses.
The $2 trillion valuation was not a fixed achievement: share prices moved after listing, and the company’s market value later fell below that level. Another common mix-up is treating Saudi Aramco as a private company with no public ownership. The Saudi government retains a controlling stake, but the company’s publicly traded shares allow its value to be measured in the stock market.