Saudi Aramco became the first non-technology company to reach a US$2 trillion market capitalization in 2019. Its shares began trading on the Saudi Exchange in December 2019 after an initial public offering, and the valuation briefly reached the level on the second day of trading.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy businesses. Its enormous oil reserves and production capacity made it unusually valuable compared with listed firms in other industries.
Reports sometimes confuse the US$2 trillion milestone with the IPO’s initial valuation. The offering raised about US$29.4 billion, while the market capitalization reflected the value of all Aramco shares, including those retained by the Saudi government.