Saudi Aramco became the first nontechnology company to surpass a $2 trillion market capitalization.
Saudi Aramco passed the $2 trillion level shortly after its shares began trading on the Saudi Stock Exchange in December 2019. Its initial public offering was one of the most closely watched listings in financial history and valued the company at about $1.7 trillion at the offering price.
The company is formally known as Saudi Arabian Oil Company and is one of the world’s largest integrated oil and gas businesses. Its activities include exploration, production, refining, chemicals, and distribution.
Some accounts call the company simply Aramco, while others use Saudi Aramco. The market-cap milestone refers to the publicly traded portion of the company’s shares and should not be confused with the value of Saudi Arabia’s oil reserves or state assets generally.