Saudi Aramco became the first non-U.S. company to exceed a $2 trillion market capitalization.
Saudi Aramco briefly surpassed the $2 trillion valuation shortly after its shares began trading on the Saudi Exchange in December 2019. The company’s initial public offering was one of the largest in history and made the state-owned energy producer a major presence in global market-cap rankings.
Saudi Aramco is formally known as Saudi Arabian Oil Company. Its business includes crude-oil exploration and production, refining, chemicals, and energy-related activities. Saudi Arabia remains the company’s principal shareholder.
The milestone is sometimes confused with the first company to reach $1 trillion: Apple held that distinction in 2018. Saudi Aramco’s valuation depended on its share price and the number of listed and outstanding shares, rather than on the value of all oil reserves underground.