Saudi Aramco became the first listed company to reach a $2 trillion market value after its 2019 IPO.
Saudi Aramco reached the milestone on December 12, 2019, the second day of trading on the Saudi Stock Exchange. Its shares rose to the upper end of the government’s targeted valuation, making the company briefly worth about $2 trillion by market capitalization.
The initial public offering was a landmark event because Saudi Aramco is one of the world’s largest oil producers and is central to Saudi Arabia’s economy. The government retained a very large ownership stake after the offering, so only a portion of the company’s shares traded publicly.
This record is distinct from later technology-company milestones. Apple was the first U.S. company to reach $2 trillion, in 2020, while Saudi Aramco’s valuation was closely tied to oil prices, production expectations, and the relatively small public float available to investors.