Saudi Aramco became the first non-U.S. company to reach a $2 trillion market capitalization.
Saudi Aramco reached approximately $2 trillion in market value in December 2019, shortly after its shares began trading on the Saudi Stock Exchange. Its initial public offering made it one of the world’s largest listed companies and placed a portion of the state-owned oil giant in public hands.
The company is formally known as Saudi Arabian Oil Company. It operates across oil exploration, production, refining, chemicals, and distribution. Saudi Aramco’s valuation reflects both its enormous hydrocarbon reserves and its strategic importance to Saudi Arabia’s economy.
The $2 trillion figure was a stated valuation target associated with the offering and early trading. Market values can move with oil prices, production expectations, interest rates, and investor sentiment. Apple had already reached $2 trillion before Saudi Aramco, but it was a U.S. company.