Saudi Aramco became the first nontechnology business valued above US$2 trillion.
Saudi Aramco briefly reached a market capitalization above $2 trillion in December 2019, shortly after its shares began trading on the Saudi Exchange. Its initial public offering was the largest in history at the time, raising about $25.6 billion.
The company is formally Saudi Arabian Oil Company and is headquartered in Dhahran, Saudi Arabia. It operates across oil exploration, production, refining, chemicals, and distribution, giving it a broader energy footprint than a simple crude-oil producer.
The valuation was closely tied to oil prices, production expectations, and the company’s unusually large hydrocarbon reserves. A common confusion is calling the IPO a global listing: the shares debuted on Tadawul, Saudi Arabia’s stock exchange, rather than simultaneously on a major U.S. exchange.