Saudi Aramco briefly overtook Apple as the world’s most valuable listed company in May 2022.
Rising oil prices lifted the valuation of the Saudi Arabian oil giant, allowing its market capitalization to move above Apple’s for a short period. Saudi Aramco is one of the world’s largest integrated energy companies and operates the enormous Ghawar oil field.
The company’s initial public offering took place on the Saudi Exchange in December 2019. The offering was widely described as the largest initial public offering ever, raising about US$29.4 billion after an overallotment option.
Saudi Aramco’s ranking demonstrated how commodity prices can reshape market-cap tables quickly. It did not mean the company had permanently replaced Apple as the market leader.