Saudi Aramco became the first non-American company valued at $2 trillion after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. On its second trading day, its share price rose to a level that put the company’s market value at about $2 trillion, based on the Saudi government’s valuation target.
The initial public offering sold a relatively small portion of the company. Most shares remained owned by the Saudi government, so the public market price was applied across the company’s total share count to estimate its overall market capitalization.
Saudi Aramco is one of the world’s largest integrated energy companies and operates the huge Ghawar oil field. Its valuation is influenced by crude-oil prices, production policy, reserves, refining, chemicals, and investor views about the long-term energy transition.