Saudi Aramco briefly became the first non-U.S. business to reach a US$2 trillion market capitalization.
Saudi Aramco reached approximately US$2 trillion in market value in December 2019, shortly after its shares began trading on the Saudi Exchange. The initial public offering valued the company at about US$1.7 trillion, and a subsequent share-price rise pushed its market capitalization toward the US$2 trillion level.
Saudi Aramco is Saudi Arabia’s state-controlled oil and gas company and is among the world’s largest crude-oil producers. Its valuation reflects reserves, production capacity, refining and chemicals operations, profitability, and the strategic importance of energy markets.
The company was not the first business overall to reach US$2 trillion; Apple did so in 2020. Saudi Aramco’s listing also differed from many giant technology companies because the Saudi government retained overwhelming control after the IPO.