Saudi Aramco became the first non-American firm to reach a $2 trillion valuation.
Saudi Aramco briefly reached the $2 trillion market-capitalization level in December 2019, shortly after its shares began trading on the Saudi Stock Exchange. The company’s initial public offering was one of the largest stock-market listings ever recorded.
Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest integrated energy companies. Its business includes oil and gas exploration, production, refining, chemicals, and distribution.
The valuation was based on the public price of a relatively small portion of the company’s shares. Because the Saudi government retained most of the company, the market capitalization represented the implied value of the entire company rather than only the shares available to public investors.